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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (93500)	7/11/2002 10:47:34 AM
From: Softechie	Respond to of 99280

MARKET TALK: This Should Stir Up The Complacent 11 Jul 09:56 Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201-938-5299; All Times Eastern) 9:55 (Dow Jones) Scary numbers out of Merrill's technical team, at least for bulls. The S&P 500 and Nasdaq Comp have moved convincingly below long-term support foundations, though the firm continues to stress the signals need to be qualified by a monthly closing breach. "However, we now believe such statements to be likely, which will intensify downside pressures into 3Q, with the risk of a further 10-20% deterioration." As for the Dow? The obvious initial target would be 8062, the September low. But Merrill says the long-term number to defend this quarter is 7914. If that doesn't hold up, 6728, and even 5543, are potential targets. DJIA off 50 at 8764, Nasdaq Comp falls 2 to 1343, and S&P 500 loses 6 to 914, all well off session lows. (TG)