To: Lee Lichterman III who wrote (52446 ) 9/13/1998 2:09:00 AM From: MonsieurGonzo Read Replies (4) | Respond to
L2_aka_L3; RE:" SPX target ~1040 "bullish chart patterns... since Thursday banks , brokers and insurance companies can manage more than a one or two-day gain -- they have been unable to do so since July. The implosion of our NF.X -Financial Sector remains the driving force of the major market indices.XOI/OIX.X - BigOil sector appears to be near the top of its DownTrend channel. I'm assuming that much of their recent apparent strength is a result of: USD devaluation; its effects on CL98Z - CrudeOil Futures ; and, the sector's over-sold state.crash . In light of the moribund state of our traditional industrial cyclicals , machinery & equipment sectors - these are the only three legs upon which our stock market is trying to stand.banks ; and if we did so - the apparent gains in equity valuations would be illusory: the USDollar has lost more than 6% of its real value in the last 12 days the negative wealth effect .deflation , America -- we are witnessing not the erosion of equity values, but the destruction of kapital itself.noise ( as OJ calls it :-) on Clinton last Thursday and Friday, our Congress quickly moved a sweeping Financial Sector De-Regulation Bill out of committee, where it has been languishing for more than 20 years ...dailynews.yahoo.com Chairmen of the Boards of MWD and MER, as well as other powerful men in the financial sector, have given Congress a reality check , we can presume -- sometimes, ladies and gentlemen - you must govern . Let us hope that they do something other than sit around waiting for the poll (from us) to tell them what to do about Bubba :-|1012.9 - fibonacci and 1017.03 - 14d EMA ~1029. - fibonacci and belthold area 1045.7 - fibonacci and DownTrend Line {closing prices}~1057x - last horizontal support and DownTrend Line {high prices}200/50d EMA will probably be resistance at good old ~1060 area.magic lines on my chart, FWIW, mon ami (^_^)
