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

To: el paradisio who wrote (57320)	7/29/2000 2:58:16 PM
From: James Strauss	Read Replies (1) \| Respond to of 99985

el: The NDX couldn't put on the brakes after smashing through the 3600 area... bigcharts.com This week's stronger economic numbers have gotten the FED's attention as evidenced by Greenspan's slightly more hawkish stance in his second appearance before Congress... What once was an almost certainty that the FED was done raising rates is now an uncertainty... The market doesn't like uncertainty... As such, any rallies between now and the FED meeting will be oppty's to sell... The weekly market flip flops has all the earmarks of a BEAR market where good news is not always good news and investors/traders hang on every economic announcement... Bull markets have more of a Teflon feel to them... Only the good news sticks... We're seeing just the opposite now... It's very important that the NDX hold in the 3000 to 3100 support area, otherwise it could really deliver a very painful bottom in the 2200 to 2400 area... So, there will be a heavy weight on the FED's shoulders in three weeks when they analyze the economic data and debate the economic vs political considerations of raising rates or remaining neutral... Jim