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Politics : Idea Of The Day
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To: The Perfect Hedge who wrote (27878)7/29/1999 12:39:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
I am looking right now that NDX should take out this 2283 area decisively..it is having problems at this area since last few hours, if we fail to take this out we go and test 2230 area and eventually 2211 may be the test for next week. Until 6th Aug when unemployment data comes out we will have lot higher volatility.. I can see until that time a test of 1328. The market is laying too much emphasis on ECI which is the steepest increase ofer 8years but from what basis? Last quarter was very depressed, falling wages in growing economy does not bode well, like falling prices, we need some wages to keep economy moving ahead.. GDP report is god but market will do a big damage if supports are taken out today, we will than see lower tests, at the moment I see 2211 is a possibility, SOX PSE DOT are holding but if they break we go sharply lower and that is what I am loking at.. I will close my long options if SOX PSE DOT go thru 495, 590 and 559..
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