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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (3288)	2/21/2001 11:04:34 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Ron,this might be double bottom in the NASD, 2251 was the Jan 3rd low and as you pointed out we hit 2279 this morning. We had a bad CPI number and yet the selling has been muted. It looks like there are some cash buyers lurking about today. what I like is that the NDX has broken below it's Jan 3rd low and since the Nasd futures are based on the NASD 100 index, it should have inspired some technical selling of NASD futures. The issue is whether the NDX break is a false tell or not. Obviously in the later stages of a decline, the tech bellweather momentum stocks like CSCO, ARBA, EMC, SUNW etc are the last to capitulate and these stocks are making new lows. The DJIA did break an uptrend line but it been rangebound so long that it needs to take out the nov and dec lows of 10300 to materially darken it's outlook imo. short rates in Turkey are 4000% today, let's see if that is developing into a more widespread problem and if it does that is a double edge sword, but it could prompt a FED intermarket easing if something very negative and bearish develops. something like that would test the new administration's notions that the US should not bail out international crisises, such as the Russian collapse in 1998. Now they may think differently if the US stockmarket really hits the skids John