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Politics : Idea Of The Day
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To: Anne Stehley who wrote (14463)11/17/1997 4:18:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Anne- Markets should take out 955 within two sessions but watch out two tests above 955 is the requirement, last time look at my post when market turned and broke on intra-day basis 910 I wrote that purists demand that two breaks below 910 are necessary so like wise a single break of resistance and suport is not a confirmatory signal. I will requie this break within this weak and simultaneous break of three bell weathers if you see the configuration as I havew mentioned developing we will see 960- I have given this level as my first target- I am looking once again beyond 960 and I think my visiblity beyond is very clear. 1000 SPZ is not a wild thought as DOW 7850 may correspond with new highs on SPZ, but lets look at each possiblity one after the other. I expect bear squeeze after 960- two closes above, being long in this market is the key. Look at my trade last week at 280 I bought a lot of stocks and doubled my position I will think that a double close over 960 takes me to 85% allocation. On bonds my trade is short I will think that 116 can give me some meat, I would assume money com9ing out from bonds if the trend 955 is confirmed, 960 will be the final nail in bears coffin. Bearx and SPY on closing basis watch out for significant drop in values and put premiums.

SOX 320, last time my trade was 300 I think 320 test is on the cards and it it fails to take it out we will see a retracement to 280, for me the trade is long and watchiong SOX at 320, you should see for sox to move movements in TXN INTC AMAT if 105 80 35 respectively are taken out we will see SOX above 320 but if the three bellweathers fail to pierce the levels I have suggested we will be taking some protective cover.
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