Stock Market Highlight #12
Short term end to current leg down identified.
(COMMENT # 568)
UPDATED 19980805
COMMENT 1998-568
1. In the SPU, it would appear that the initial decline was from 119940 on 980720 to
112400 on 980728 or 7540 points and 8 calendar days.
2. The second leg has, so far, declined from 115000 on 980730 to 107300 on 980804
(yesterday) or 7700 points in 5 calendar days.
3. Hence, a bit of a bounce is expected.
4. Note that such a bounce, should it occur, would be in keeping with the outlook
suggested by the bond chart above.
5. A stock market which is not falling apart would relieve the "flight to
quality" pressure which some have suggested is the main current force behind the
bonds.
6. Hence, it fits.
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