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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lee who wrote (28002)	9/19/2001 12:49:49 PM
From: Jdaasoc	Respond to of 30051

they can't hold the market up and have settled to lower the support levels a bit at a time. It is looking like GDP numbers looking forward will be strongly negative. I would have to believe recent events have shaved a minimum of $ 100 B of $2.6 T economy. That would be decline in economy of approximately 4%. Unemployment of at least 5.5% is in the cards. Market has no other choice to go lower. It's just a question of how much lower. Also, an area not fully accounted for is housing prices and indebtedness on these properties will take 1-2 years to work off to reasonable levels. In the ST, no bank would foreclose during this armed conflict. They would wait until crisis was over to act. john

To: Steve Lee who wrote (28002)	9/19/2001 1:21:24 PM
From: James Calladine	Respond to of 30051

NASDAQ HISTORY (FROM BRIEFING) <<<12:27 ET Nasdaq Composite : -- Technical -- At this point it's worth mentioning several closing levels below the 1500 mark and the corresponding dates. Back in 1998, the index underwent a "reaction sell off" in which it spiked lower to notch three consecutive closes under 1500. Specifically the three closes were: October 7, 1998 close 1462, October 8, 1998 close 1419, October 9, 1998 close 1492. Outside of those reaction lows, you have to go back to the July 10, 1997 close at 1490 to find the last close under the 1500 level. Today's intraday low at 1488 roughly matches with prior support around 1490 which may stand a chance to serve as a near-term bottom. >>> Namaste! Jim