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Market Action Disappointing Signals Downward Path
The report notes a failed rally and renewed selling pressure after initial optimism. Financial stocks weakened two weeks earlier amid the Drysdale Government Securities Chase Manhattan Bank issue, with a market reversal last Tuesday foreshadowing another down leg and possible test of the 750 level. Short term oversold conditions may delay new laws, while long term buyers may seek 800 area support.
MENTIONED IN THIS ARTICLE
D.J
Drysdale Government Securities
Chase Manhattan Bank