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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (32345)	7/29/2000 3:15:08 PM
From: James Strauss	Read Replies (1) \| Respond to of 50167

JXM: Thanks for the PnF chart... It does show the 3450 area as support, but the current mood regarding another FED hike doesn't bode well for support lines as evidenced by the swift slashing of the 3600 area on the NDX... I'm afraid that any short term rallies should be viewed in the context of a BEAR market until the next FED meeting is in the books... Whatever they do at that time will most likely be it for the balance of the year as the politicos take center stage... I think there is a good probability of the market turning around at that time... For now, cash or the short side seems to make the most sense for the next 3 weeks... Jim