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Politics : Idea Of The Day
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To: debby who wrote (31505)5/22/2000 2:59:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
I am looking at all these movements unfortunately today was the day I was changing to cable and the man just left..

I would like to make these observations..

This is a failure of momentum on upside the fall of Comp today broke those lows of 4/14 and 11/30 i.e. 3328 and 3336, I think market closing on new lows will not be good so ideally we need to see a close above minimum 3320..

NDX has not gone through that low cycle, the lows of 4/14 and 11/30 were 3207 and 2966, if we close above that 3207 low I would assume that the core stocks have tested a new low however ideally a close above 200 days MA is in order if TA damage has to be minimum.. DOT PSE SOX are other indexes respecting the lows, in my opinion going by my earlier conviction 1382 support on SPM is once again held for me today was day of total capitulation of the bulls and moreover we have seen downside momentum, I think htat if we get some more economic news as slow down may take some time to materialise we can go and test that NDX low of 2966..

However, in my opinion the 1382 break on SPm is a must for a bear move to 1320 area on SPM until that happens all this can be just sound, I still think that we will hold this support once again however if we break this on two alosing basis I do see a 2800 test on Comp and 1320 on SPM.. market is building a lot of negative news but if you ask me to short it here I will not I will rather look for a point to enter at lows for the other side trade but I will wait for 1418 to be taken out or see that 1382 holds, my bias is towards holding of that support although I do think that if we have one set of numbers that is out of line we can see 1320 in no time..

Looking at DOT PSE SOX I would assume that this selling needs more bad news on earning fronts we have just finished a great earning season on 'inflationary presures' and discounted earning models I think that we are seeing panic, I would like to hold my calls until 1382 is out on closing basis but certainly not short here..
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