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

To: Luce Wildebeest who wrote (32361)	8/1/2000 10:59:18 AM
From: James Strauss	Respond to of 50167

Jeckel And Hyde... ******************* Thanks Cal: Yesterday we saw Dr. Jeckle... So far, it looks like Mr. Hyde showed up today... Yesterday I said "We need to see a closing above 3760 to break the downtrend of the past week..." bigcharts.com. "We also need to see some friendly economic numbers this week to quiet the FED fear... In the meantime we're bound to see the schizophrenic nature of this market continue with mood swings from elation to despair... Today it's time for elation... Tomorrow???" The Nasdaq has flipped over again with New Lows outnumbering New Highs by a better than 2:1 margin... The NYSE is showing a good New High to New Low Relationship of better than 2:1... finance.yahoo.com So, is it a standoff??? 5 to 10 years ago, maybe... Today, no... Because the Nasdaq is where the majority of the tech heavy hitters are... Our economy and stock markets can't move without them... Here is a ytd chart of the NDX through yesterday: chart.bigcharts.com If you draw a line connecting the price peak in March with the price peak in July, you would intersect the 3960 area on the chart... This is the intermediate term trendline... No significant advance can occur until there is a close above that area... For the last 10 days we have a mini downtrend line that settles in the 3760 area... So, the assignment of the NDX is to first close above the 3760 area to break the last 10 days trendline, and then close above the 3960 area to break the intermediate term trendline... We might see it bounce for a while between those two areas... Today's economic numbers continue to muddy the waters... Personal income down while spending is up... Normally they should cancel themselves out because personal income is usually a leading indicator for spending... If income is dropping, spending would eventually follow... How the FED interprets this can only be imagined within the context of the twists and turns of an Alfred Hitchcock thriller... : > Jim