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

To: Lizzie Tudor who wrote (9410)10/29/2001 2:11:59 PM
From: stockman_scott  Read Replies (1) | Respond to of 57684
 
Nasdaq Composite : -- Technical -- Index continues to make new intraday lows and has broken below previously identified support at 1731. Look for very near-term support in the area of 1720 followed up by more important support in the range of 1697/1702 which represents its 50-day simple moving average as well as previous congestion. To the upside, look for 1731 to turn and serve as modest intraday resistance followed by additional overhead at 1740.



To: Lizzie Tudor who wrote (9410)10/29/2001 2:25:45 PM
From: stockman_scott  Respond to of 57684
 
The Best explanation I've seen:

14:12 ET Market Weakness : Traders noting a host of reasons for market weakness today. The main catalyst being cited is market being marked up last week to boost yr-end numbers for mutual funds; due to t +3 trade settlement, funds needed only to prop up stocks through Friday. Argentine debt restructuring issues also a major factor weighing on the market.

briefing


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