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Strategies & Market Trends : The Stock Market Bubble

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To: Lucretius who wrote (794)	7/23/1998 11:03:00 AM
From: Les H	Read Replies (2) of 3339

Both the Dow and S&P have been finding support at the 28-day EMA so far (9080 and 1155). Nasdaq is still above its 28-day EMA --- it may just trade in a range till its caught. The S&P 600 small cap growth stock index was hit hard the last two days. They may may match the June lows again. With the semiconductor and oil sectors expected to be headed for continued tough times at least through the end of this year and perhaps into midway next year, the breadth doesn't look to improve. There's easily 1500-2000 stocks in the electronics, computer hardware, capital equipment, and energy sectors that will be treading water. Computer software may be next to get hit if Computer Associates' warning about Y2K putting a pause in software orders. It wouldn't make much sense to upgrade or buy new software in the last 6-12 months until after Y2K passes. Next week's GDP flash report will be interesting.

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