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Politics : Idea Of The Day

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To: Jeff Jordan who wrote (33358)	9/21/2000 12:56:29 PM
From: IQBAL LATIF	Read Replies (4) of 50167

For a market recovery if it has to come this is the best statement.. <<I hate to say I'm losing confidence. ;-(..at least near term >> Looking at this chart please note one thing that between June and July we had this few sessions of test of this support at 1444 1442 area, again whenever we have seen this breakdown it has to few big falls, that will take us to the 1425 and next 1392 1382 area, since we have seen major corrections in almost all the sectors we need a major piece of news here to start a new phase of selling, look at European stocks today telcos were hit hard but in US T AWE PCS are already discounted to lows and the majority of the sellers are looking at hitting DOT and IIX, short the SPX below 1435 or 505 on IIX.. or SOX PSE 200 days or 100 day support break.. I am keenly watching and ready to act. <<yesterday I was saying the longer we stay at these levels the better? >> You are darn right when you say that, the longer we stay on these levels your own charts tell the story clearly, so far evidence is suggestive of the fact that breakdowns are sharp from here and they go through pretty fast a hold here and a good support here would be nice and this can become a major suport instead of a interim one.. supports get their notireity by the ability to withstand selling for me the mother support is that 1350 area 1444 needs a lot more hititng and spanking to qualify, one other mark for a good support is the throwing in of towels, on that count I see a lot of positive comments within trading circles and that is another sign of trader to be cautious.. despair and lack of confidence are major issues..

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