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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (28026)8/9/1999 11:19:00 AM
From: IQBAL LATIF  Read Replies (3) of 50167
 
Market will be range bound probably. I think a break of 1298 will throw my theory of higher bottoms out of window. So short below 1297.2 and if SOX breaks 488 or PSE 478. I see today's successful test of 492 that was the resistance in last few days of trading and I see it probing 500 resistance which is a positive sign.

I think only if we break the low of Friday we will try to make a new low. I still think that if we hold the 1298 support we will move up and test 1330 area. The most important thing in this market is that huge market cap is trapped in very few core group of the S&P 500. Until that core breaks significant correction is not possible. I am working on my short term pattern and expect that a break of 508 on DOT will take the DOT to the first resistance of 525. On the test of 453 I think that 480 can be tested when and if 1282 will be tested however trading is about short term goals and today my objectives are to short below 1297 and cover at 1277 or on the way up to 1306. If SOX PSE NDX stay strong I would not be much concerned with a break of 1298 support also, I am sure that if SOX and major stocks remain bid the selling in pits will dry. As for bearish sentiment, I have nothing to add, I have seen it many a times before and I don't think that this added bearishness warrants any comments. Markets are about levels and any day trader who ignores mass hysteria in either direction does it at his peril, the best ay s let the marekt show the direction.

Markets huge sell off are possible if earning momentum is slowing down or recessionanry cycle is about to begin or overcapacity threatens the production like it was feared in last Sept98, in years when market is on fire, demand is strong and inflation is under control under a Fed who is pro-active not re-active we may only see retracements to support points but these re-tracements provide opportunity and volatility for a day trader one should try to take advantage of that. The same band of super duper players harp the similar music however the market belongs to people who will read it closely and try to do what the a smart trader in the pits is trying to do. These fast markets are traded by S&P futures and options, for a anticipated drop buy puts for good adequate protection like 1250 Sept's and forget about this whole darama of a major problem, I have donw that since 1362 break and will run it to the expiry but I know if it is down even 500 points I will be alright. That one trade is an insurance I don't let that cloud my outlook, I keep clear and simple I see interest rate problems but I see strong earnings also and I also see that most of these major NDX companies are not cyclical companies.
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