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To: bambs who wrote (43913)	11/30/2000 9:25:33 AM
From: Eski	Respond to of 77400

Watch for Reversal By Lewis J. Borsellino November 30, 2000 9:20 AM EST After the sharp-sell yesterday, watch for a possible reversal today. This morning, S&Ps were trading down 1100 at 1324. The market has filled the gap in Globex left over from last Friday's opening on the heels of negative reports from GTW and ALTR. This morning, S&P futures were trading about 1900 points below cash. On the downside, 1322.50 is a key number, followed by 1320, 1317.50, 1315.50, a key area at 1312, then 1310, 1308, and another key at 1306. Cash made a low of 1308 on Oct. 18, 2000. Even with today's down open, the cash should still open above that level. That's a key point to remember. On the upside, we're looking at 1327, 1329.50, 1330.50, and 1332-1333, which was yesterday's low for the day session. Globex high after the negative news was 1330.50. For NASDAQ, to put this in perspective we were trading 2620 with 7 minutes to go in the session when the GTW news hit. We then broke 90 handles to settle at 2530, and then opened in Globex another 50 handles lower at 2480. We were trading right around 2480 this morning. The cash settled at 2603, which means that if this indication is correct, cash should open about 110 points lower. The October 1999 intra-day low in the NASDAQ 100 cash was 2300. Our settlement that day was 2362. This should bear importantly if the market continues to sell off. At some point, the short-side is getting a little "long in the tooth" here and we're due for a bounce. Today sets up for an opportune day for that bounce. Keep in mind, a lot of times these reversals happen in the final hour. We see support between 2440 and 2420; that will encompass limit down which is at 2435. Expect a very choppy trade in the open, as the cash and futures get in line. Today on the open, the Composite will open below its October '99 lows. For the futures, further support is at 2400-2380. Resistance is at 2480-2490, then 2535-2550. If we get above 2550, we have a very good chance for a strong short-covering rally that could take us through yesterday's highs at 2685. As for the Dow, the flight to quality continues. It remains in a range with a small upward bias.