March 16, 2000
The action on the
yesterday was interesting, not just because we had a very strong and broad rally, but because this market should've waited until it was oversold (which would've been Monday) before having such a rally. Instead it jumped the gun. That's something strong markets do, not ones that are still in bear markets.
I can't imagine the Old Economy stocks are going to take off in the same manner that the New Economy stocks have, but the rally was broad, had very good volume, and went before it was oversold, and that is good news for the NYSE stocks. There is still plenty of resistance overhead, and the
has not yet broken out of that channel line I drew last week, but the improvement we've been seeing is playing out in a bullish manner.
The next few days could be choppy as expiration, inflation data, the
Federal Open Market Committee
meeting and rebalancing take place, but into declines, I would look for opportunities to buy these stocks.
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at