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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 685.66

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Dec 5 4:00 PM EST

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To: bobferg who wrote (8149)	10/29/1996 9:41:00 PM
From: Joseph Beltran	of 68661

Bob, Thank you for your response. It's funny you should mention the russell 2000 because I was going to comment in my earlier note to you that I saw a divergence between the russell 2000 and the nasdq. I'll keep watching those charts with interest. The CEO of SW airlines was on either cnbc or nbr yesterday and stated that fuel costs as well as the re-imposition of the federal tax on airline tickets (can't recall exact terminology) was going to cut into profits. Stated that fuel costs were the most significant cost item in the business. Insofar as "leaders" or "strong groups" are concerned, I have noticed that that the utilities index is in in an uptrend. Isn't that considered a "defensive" index, i.e. where money flows when investors are concerned? What is there is profit taking in bonds on friday? Will that trigger a major down spiral in the nasdq?

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