Many Wall Street Trends Broken in 2000
DEBORAH MARCHINI, CNN ANCHOR: Seems like the year 2000 will go down in the history books as the one in which Wall Street trends were maybe broken.</s>DAVID HAFFENREFFER, CNN ANCHOR: And Christine Romans has details for us on some trends.</s>CHRISTINE ROMANS, CNN CORRESPONDENT: I tell you, it has really been one of those years that has changed a lot of folks' minds. And it is interesting, we were just talking a few days ago about how there are some who say maybe a nice pull back in all the popular indexes is a good thing for the overall -- the overall mood of the market because it has been such a phenomenal -- phenomenal run for some of these indexes and some of these groups. I wanted to take a look at some groups that are bucking their five-year trends perhaps more than others. You can see the cellular and wireless sector is down 39.4 percent year-to-date, according to Standard & Poor's. Its five-year trend is up 32.1 percent. Broadcasting losing 34 percent, also bucking its five-year trend. You've got computer software and services also down 37.6 percent after a five-year trend of 34.5 percent gain. And semiconductor equipment down 29.1 percent, and its trend over the past five years is up 23 percent. So you can see that some major damage done in some of these groups, those happen to be some of the worst reversals of their five- year fortunes. Also when you take a look at the Dow Jones Industrial Average it is interesting here to -- this is an index that is well off its peak from earlier this year. It has been a very, very choppy ride. The Dow is down 8.3 percent so far this year. And interestingly enough, though, the Dow has managed to crawl back near its 200-day moving average after testing below that. Still the S&P; 500 and the Nasdaq are well off their 200-day moving averages. Those are gauges, of course, the technicians and others use to try to verify or determine the near-term health of a market. And the Nasdaq and S&P; 500 still well below theirs, but the Dow managing to crawl back, which sort of goes with what we are hearing overall that there are some selected blue-chips that might be good values after being beaten down earlier this year that may be there is a move into safer issues. That's what we've been hearing about. You look yesterday at retail, drugs, banks did well, people still very concerned about the high-tech sector. Now it is interesting as well, Steve Todd (ph), a market forecaster today saying that short-term he thinks this market is going to revert back to choppy behavior, but longer-term he still sees the averages higher by January, maybe well above levels that we're seeing now. Mark Marpe (ph), another analyst, saying that the rally was positive for the blue chips but tenuous. He's putting Dow support at 10,470, resistance at 10,620, that is a pretty narrow band overall. So you're still seeing lots of different opinions out there about what is going to happen in the near term, but a pretty much a lot of people say choppiness near-term. I think we can say that there is a lot of consensus on that.</s>MARCHINI: It is a safe forecast. Thanks, Christine.