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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (28937)	9/24/1999 2:12:00 AM
From: IQBAL LATIF	Read Replies (2) of 50167

Right now I am looking at Nikkei trading heavily down at that level 16800 an important area.. I am watching it carefully as markets are hit by the currency turmoil or so called $ weakness, the asset bubble or if you look at SPX is now at eight months lower trading band...DOW by breaking 10500 looks awaful for all practical purposes it looks a genuine break down but in my opinion we need a confirmatory second break below the key numbers that probably we will get and we establish this new zone and band of lower trading from 1265 on SPZ to 1297.. this 1297 on SPZ is going to be a major resistnaced if we close below it today in my opinion we may not.. lets watch the asset bubble that worried AG is capped very properly <<Wednesday, Sep 22 1999 2:03PM ET Reply # of 28967 <<This DOW level is an important support, I am looking at 1314 area for me that is far more important, ................. right now I am trying to trade specific inter day on SPZ options as we consolidate in this area, we need now either 1330 to break or 1314.. that will decide the short term direction of the market, we can see one day short break but wait for two closes before you take a short plunge even if DOW breaks 10500 on closing basis, I will close my shorts and not carry them overnight if even 1314 is taken out. As far as I am concerned I am more interested in Nikkei and Yen at the moment and $ strength vis a vis Euro and œ, I think we are seeing some reversal of flow and $ is strengthening vis a vis every currency except Yen , for me the classic trade wsould be to re-establish my $ long position vis a vis Yen at 102 area and go long Nikkei as Nikkei hits the 16800 area if we see Yen at that 102 area...>><<Wednesday, Sep 22 1999 2:03PM ET Reply # of 28967 >>

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