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Politics : Idea Of The Day

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To: Jerry Olson who wrote (27706)	7/21/1999 12:07:00 PM
From: IQBAL LATIF	Read Replies (1) of 50167

If we break supports it would be just a test of 1358 level or 10516-- for long term integrity of this market we need the self adjusting mechanisms.. these sell offs reaffirm to Fed that markets can write off huge mountain of exuberance by exercising self retraint.. I see solid marekts and healthy marekts good earnings, self adjusting mechanisms to clear off hypes. Oils is one example we can see over drive but finally the realisation dawns that above 20.55 $ buy stops could not be triggered, CRB is still sititng at low, I see one another factor that is $ weakness, it is actually strength of Euro on back of German IFO number showing the Germany is coming out of severe recession. $ weakness viv a vis euro and yawning trade defecits alongwith perception of planes falling from skies in 2000 will lead to 'inflation' talks and softness of markets. However I expect reiteration of lot of buys and restatement of earnings targets as well as SPU targets by analysts..

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