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To: Peace who wrote (32325)	7/27/2000 1:57:07 AM
From: TWICK	Respond to of 50167

Tokyo stocks slide as investors flee high-techs finance.yahoo.com^N225&d=1d TOKYO, July 27 (Reuters) - Tokyo stocks fell on Thursday, as an overnight retreat in the U.S. market fanned fears of more selling ahead in global technology stocks. Losses in large-cap technology stocks such as Sony Corp and NEC Corp dragged the benchmark Nikkei average down 288.34 points or 1.75 percent to 16,214.27 by 0445 GMT. It earlier sank to 16,027.34. The capital-weighted TOPIX index (^TOPX - news) of all first-section shares was down 24.01 points or 1.60 percent at 1,480.52. It earlier fell to 1,468.08 -- a low for the calendar year and a level last seen in October.

To: Peace who wrote (32325)	7/27/2000 9:09:37 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

Good analysis Peace however it is this 10480 point that I think on DOW after two closes below it will show a break of the wedge on the down side,if that happens we can easily ring that 10299 point low of 5/26, I totally agree with you that ECI today will set the tone as employment cost going forward is the concern if commodity inflation is not a threat which so far it appears is benign. IIX is at 510 a shade higher than its 200 days MA a break of that on two closing will also show reversal of short term buy that is generated by 25 days i timer.. Interestingly Comp and NDX are still around that 4000 and 3800 mark although SOX made a quick test of 1015 which was little higher than 5/31 998 low and a good support for SOX, SOX with PSE in recent past has never tested its 200 days MA which lies at 923..compare it with Comp NDX IIX all these indexes have recently been well below the 200 days MA and in April went through much sharper sel off, that accumulation in some issues is clearly visible as selling continues on a low volume a point made earlier by one able poster.. For me this sell off in SOX and PSE will be countered by other sectors like internets and overall we may see these supports on DOW 10480 and SPX like 1455 maintained, one needs to distribute ones holdings and establish after some recovery is ensured soem long term positions in soem of the oversold stocks.. I think ECI and GDP numbers would give some reason for the market to bounce..