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Politics : Idea Of The Day
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To: James Strauss who wrote (31229)4/18/2000 11:47:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Higher new lows and lesser new highs are un-important in huge declines that we witnessed, I had this point 1342 in slow moving market coming down which I thought will be used for a full protection, the intensity of sell off was so huge that at that point I was looking up not down, in a slow chinese torture of a market we have macro economic fundamentals going wrong that lead to long term corrections, in times like now when we have these huge one way moves and re- touch of this 200 days MA, which is a good sign to take out excesses the NH-NL has to be taken with a kind of underlying reservation, this market move from 1000 NDX100 on 8th Oct 98 to nearly 2400 was led within a time when market was making higher new lows sometime, now Comp NDX led moves intitally can show some anamolies but we will watch it carefully..

Naturally when such a huge fall comes the markets gets into a new phenomenon of higher new lows and lower highs but as the rally boradens we will see this thing dis-appearing, I think this market would take a breather at 1450-55 area on SPM we will wait ofr that crucial ECI arounf 1470-80 level and the future course will be set, either the bears will nail us at that point or as I would love the market will nail them around that big point.. I am more concerned about the macro economic releases, on earning side we havea hell of a room up.. we are beating all expectations..
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