Oct. 4, 1999
Federal Open Market Committee
meeting this week, I submit anything can happen. However, the overbought/oversold oscillators on the
are still very much oversold. Additionally, the number of stocks making new lows on the NYSE continues to contract on down days. This suggests that the market should rally sometime this week.
Tell us what you think on our
The Nasdaq, which has not participated in the recent decline to the same extent that the
Dow Jones Industrial Average
have, is still trading very close to its highs. Oh sure, it can rally, too, but when the number of stocks making new lows is expanding while a market is near its highs, it's time to be cautious. I believe we are entering a period of time where the Nasdaq will underperform.
New Highs and New Lows
Cumulative Advance/Decline Line
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