Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: HairBall who wrote (23364)	8/5/1998 5:51:00 PM
From: P.T.Burnem	Read Replies (3) of 94695

I don't think the fed made the pivot happen! Someone did... and I'd like to know why. The following is excerpted from the Briefing.com -------------------------------------------------------------------- ... With the Dow having dropped approximately 210 points from its highs of the day (+87), a massive buy program quickly reversed the bearish trend, sending the Dow from -125 to +52 in a span of about 20 minutes... The Nasdaq and S&P were also beneficiaries, coming back from losses of 34 and 29 points respectively... The surprising rebound will most likely ignite some confidence among investors and carry over into tomorrow's trading... Yet, it would be remiss not to point out that today's advance was narrowly-led as declining issues once again far outweighed advancing issues on both the NYSE and Nasdaq... In addition, while blue chips were rallying, small-caps and mid-caps were floundering... Both the Russell 2000 (-0.7%) and the S&P 400 Midcap (-0.9%) averages finished noticeably lower... Finally, the number of issues hitting new lows (1213) trounced those reaching new highs (40)... -------------------------------------------------------------------- 1213 new lows!!!

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