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Politics : Idea Of The Day
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To: James C. Mc Gowan who wrote (32156)7/5/2000 12:53:03 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
James-- I am not very happy with this huge SOX.X break very near to its 13 days MA, if you read NDX we failed at 3800 once again, now if this market needs to go higher it has to be on back of leaders like INTC IBM MSFT CSCO NOK and SOX has provided a lot of impetus to the market, for me if we keep breaking down at critical resistance and are unable to take them out we are prone to a retest of that 1442 support on cash, or if thati s tkaen out that gap would be required to be filled on Comp on or around that 3500 level. BMC CA IFMX all have stated one common problem the translation to storng $ from weaker Euro, so may be if we see this problem persisting we might be in for some more surprises, I am watching right now this 25 days MA on SOX and PSE as well as NDX this should hold for a run through the NDX 3800 area..

I will be nimble and very quick footed here on all my trades and trade indexes instead of stocks thru this period of uncertainity.. Little cautious and looking at the market with a view that last month high oil may give some jitters until 18th economic report, may be higher volatility is what we will see, right now if IIX closes above that 500 level that will be a good signal and would give some legs to this market to carry forward in absence of SOX but bottom line is that market needs to take out the NDX 3800 and DOW 10780 level..very critical..
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