Word: dows
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...hard to feel good about buying at a time like this. Volume on both indexes has been low since Tuesday, with few investors able to glimpse a happy future when nobody knows who'll be in charge. But it was the sellers that have pushed both the Dow and NASDAQ down in the three sessions since Non-Election Day, and for them it's just one more reason...
...There are some minor precipices already in sight. After the selling picked up speed heading into the bell, the NASDAQ closed down 171 points to 3028 by midafternoon, is rubbing right up against the 3000-and-change barrier that technical analysts say is poised to give way. And the Dow, down 231 to 10,602, may soon encounter a similar problem with...
...Especially when 50 percent of the former has a part of its daily wealth riding on the latter. The drift of the Dow and NASDAQ has been cited as a possible predictor, even a determining factor, of a national election meant to set a course for a full four years, which is quite a large sample of what used to be called the business cycle. Yet at election time, a voter can use the markets to sample his own heart; after all, every investor would prefer to vote with his broker's blessing...
...resurgence of the Dow in late October has been ascribed in part to George W. Bush's slim but unblinking lead in the national polls since the debates. Investors in index component Microsoft, mindful of which administration owns the Justice suit, have pushed the stock up from $48 to past $70 in the last three weeks. Pharmaceutical stocks, HMOs, defense and tobacco stocks (Bush is against that suit too) are all perking up. Friday's stumble in those sectors, after such a promising week, was being blamed in part on the after-hours announcement Thursday of Bush's DUI conviction...
...times - in late May, mid-October and late last week - the tech index has flirted with 3,000 and jerked back from the brink. Add to that the end of October - traditionally the month of earnings news, tax-loss selling by mutual funds and bottoms (not a coincidence) - a Dow afire for three straight sessions and an election about to conclude, and we've got indications that the 3,000 milestone may belong in NASDAQ's rearview mirror...