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Politics : Idea Of The Day
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To: fourptt who wrote (28927)9/22/1999 3:24:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I think if we would have gone by last week numbers the break of 2500 and 550 on SOX were important. I did not do anything until 2494 area was taken out that took me to buy 1300 puts for Oct SPZ, the momentum of selling really increased, we tested that 1315.5 area a shade higher than our last Tuesday support and bounced up, that is in my opinion a good sign technically a higher low.. I think last week gains were eorded on two things trade deficit and Yen strength. The impact of intervention waned and Yen came back to test 103.90 area, so $ weakness came into fore on top a bad trade number signalled a further pressure on $ and the news tonight from Japan that consumption tax may be further increased put skids under Japan's Nikkei.. I think we should look at Japan selling a sign of stability in US markets, atleast one little threat of that huge ditching of US assets is now little far, this volatility of Nikkei is going to help US marketr. Today the selling in Nikkei is not due to Yen strength but due to consumption tax increase rumors, now this infamous tax at first led to 1997 recession and if they want to increase it further to pay for education the markets feeble recovery and macro-economic recovery will be hit, I see a lot more presure on Yen too as investors will be concerned about the future of the markets...Right now the conventional logic has been that sell Us assets and go to Japan now that whole area becomes quite clouded as the statement of consumptin tax ha far reaching consequences..So my support is 1314 area, and I would like 2460 to be well maintained below these supports we go much lower to 1300 area but as far as DOT remains bid I don't see much pressure developing on the market.. I am watching ADBE very carefully and noted signs of stability in leading internet stocks that should help the market..short between 1314 and 1298 and long above 1335 to 1347 area... at the moment.. I will post in few hours..
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