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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Tom Kearney who wrote (4916)	1/18/2001 7:13:33 AM
From: craig crawford	Read Replies (1) \| Respond to of 57684

Even though we closed below 2700 yesterday it wasn't all bad. The close at 2683 broke above the 50% retracement level. If you look at the last move down from 3028 to 2251 you get a decline of 777 points. One half of that = 388.5 points. So a 50% retracement would be 2251 + 388 = approx 2640. This 2640 level was seen as resistance by many. For instance 2644 was the intraday peak the following morning after the Fed cut. Yesterday was our first close above the intraday highs set the morning after the surprise Fed cut when we rallied about 28 points before turning lower. Speaking of the Fed cutting rates, they should cut rates this morning after the economic data!