Even after these clear posts in succession and identifying TXN MOT EMC as my picks with clear indication of break of supports makes me a bull than the bear need to have their heads examine, I am in the right sector that is SOX which was up even yesterday and I am taking my profits from it and for me market is about supports and resistances.. << A break of these supports 1318 and 2475 will lead us to 1292 on SPm and 2360
on Comp. naturally such a break can be expected if numbers come out wildly out
line and instead of one tightening we may see a coherent pattern across the board in
price rises.Market needs to be traded within some supports and resistances anyone
who has not learnt this will have to learn this discipline, I have over period of time
and working hard to make it popular. >>>
IQBAL LATIF on Jun 9 1999 10:49PM EST
SPM 1318 is a support which was tested solidly, I would like this support and
2512-4 support on Comp to hold today, SOX has the potential to move upto 440
area where it may sell back to 405.. I will replace my TXN MOT EMC and other
heavily in the money calls with out of the monies. I think if 1318 holds well until
Monday the path of least resistance is upwards and not downwards, the pits
shorted at 1327 yesterday and they would like to do it again, the Monday high of
1337 is where they would get out, so if 1332 is out and we see 1338 the rally can
take us to the old resistance of 1355.
The second close above 2512 and NDX 2121 will be very important, a major
break will only be confirmed if these levels are held, so far in last few sessions we
have not been able to have a secnd close above my levels, even SPM 1330, we
closed on 1329.7 and than went up for a day to close down, experience tells me
that two day close on major turnaround is a must.
A break of these supports 1318 and 2475 will lead us to 1292 on SPm and 2360
on Comp. naturally such a break can be expected if numbers come out wildly out
line and instead of one tightening we may see a coherent pattern across the board in
price rises.Market needs to be traded within some supports and resistances anyone
who has not learnt this will have to learn this discipline, I have over period of time
and working hard to make it popular. |
