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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (27895)7/30/1999 4:50:00 PM
From: AlienTech  Read Replies (1) of 50167
 
>>This market is going to be range bound in next few months we will see the lower range of 1280 and higher range of 1418 being tested. Today we will see 1362 to 1345, only a break of 2274 on NDX will let me short the SPU options I will go long the 1320 puts... <<

Am I correct in assuming that the market is now pricing a definite rate hike?
NDX closed at 2270 and hit a low of 2263 today.
SPX closed at 1338, DOT broke 560 and 550 but bounced a bit.
Where do you see the next supports at? Right now things look rather tenacious

The sudden drop put me in cash before bouncing. Not going to buy back in higher when things are so iffy. Especially when any kind of speculative issue is getting killed.
(HOOV opened at 30+, droped below its IPO price of 14, but closed at 13 1/4 today, prob due to under writters trying to push it up, shows no one is brave enough to even buy when its below everyones price, even conv (goldman sacks) and ario both having solid revenue streams broke ipo prices). I wasnt this nervous last oct since the US was the safe refuge, but now with asia and europe recovering there are other places to get value than buying over valued us stocks, In such a market large caps at first migth look safer and people will run to them, but you also got to wonder.
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