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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (50864)	5/15/2000 10:55:00 PM
From: Stcgg	Read Replies (1) \| Respond to of 99985

Let's Not Overlook the Bullish Case.. Late afternoon-rally sent US markets into positive territory as Dow closed up 198 points at 10807 and Nasdaq closed up 78 points to close at 3602.. Much anticipated and discussed topic of FOMC meeting is scheduled on May 16 and many investors are expecting FOMC to raise a key short-term interest rate by 50 basis points.. Investors showed enthusiasm for Financials, Oils, Chips, Internets as many bargain hunters poured into buy the recent beat up stocks.. The April CPI report will be released by 830am on Tuesday, May 16 and investors expect no surprise from the CPI report.. Analysts are expecting 50 basis point increase for-a-while and it appears that the current stock prices have already factored in the rate hike.. On NYSE, Advancers beat decliners by 17 to 11 and on Nasdaq Advancers beat decliners by 22 to 19. 30-Year Treasury bond added lost -0.034 to yield 6.165%.. Dow gained 198 points to close at 10807.. Dow appears to be broken out of the trading range of 10300-10700 and closed above the key resistance level.. Dow could break out of the base-building and trading range to test the next resistance level at 11000. S&P500 gained 31 points and closed above the upper trend line near 50-Day MA.. S&P500 also showing strong positive trend to move higher from these levels.. Tech-Heavy Nasdaq rallied 78 points to close above 3602 (near 200-Day MA).. Nasdaq's key support level is near 3500 and resistance levels are at 3703 and 3810. Tuesday trading could be cautious but bargain hunters may pickup the recent beat up stocks to move markets higher.. >><<