Key Technical Numbers

• January 18, 2002
• Dave Floyd

        
Key
Technical Numbers

* These
numbers represent major resistance on a short-term trend (last five trading
days). I suspect that until these levels can be breached, the market will
continue weak. I did, however, cover S&P short positions on yesterday’s
brief move above 1138. Obviously the market is lower in the pre-open, but you
always need to stick to your trading plan…I have no regrets.

Random Thought for
The Weekend

If consumers begin to curtail their
spending and do the unthinkable, start saving, the ramifications for retail
sales may be substantial. For every 1% increase in the savings rate, it draws
out $75 billion from the economy. Keep an eye on those retailers.

Thanks for your patience this week
since I was not able to provide more extensive daily commentary. My column will
be back in full on Tuesday.  Have a great Holiday weekend.

As always, feel free to send me your
comments and questions.  See you in TradersWire.

Dave