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Strategies & Market Trends : The OEX... gasp!
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To: SteelBlueIce who wrote (568)2/21/1997 9:50:00 PM
From: The Jedi   of 658
 
Well we know what happened today. The surprise was the suspense and no follow thru either way. Professionals will wait for "Greenspeak" on Wed. But the divergence of the Nasdaq and the Dow is very disturbing. There is a possibility that we may not see Dow 7000 soon as everybody is expecting it to happen before the slide. Thus we may see a fake up on Mon or Tue and may still go into a slide. Early in Jan when ibm and intel were looking to hit 170 there were people selling it short expecting them to go to 135. Well we are not too far from it. So does it mean that it will slide down to 130... 120 and then a bounce back. The techs got hammered today again. So what is going to help the Dow reach 7000 again. For the Dow to bounce back the techs or financials (not too much hit there) or some other strong stocks have to lead the way. I am at a complete loss. I had expected the Dow to go to 7100-7300 fast and then a pull down. But with the techs getting hammered don't know what is happening. Analysts have started pairing future earnings down and that brings the estimated Dow down from 7500 to 7100. If we percieve the earnings to increase again the estimated Dow target would increase. Anybody else has any thoughts. Money managers see the commodities market rising, but they still have to park their money somewhere. Will see what happens in the early part of next week.

Kiri
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