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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (34627)	10/11/2000 8:41:42 AM
From: IQBAL LATIF	Read Replies (1) of 50167

1382 support most likely on cash is out it looks like the first test would be 1373 and 1361 area on cash 4/14 and 5/24 we have tested these levels. I think that DOW may not be that much impacted like NDX and COMP we may see that unlike last time we may not see DOW taking out 23/6 area of 10340-10380 band decisively, the last when we visited this low of 1339 we had a 600 point drop in DOW in a single day the range was 850 points from 10173 to 10970, we need now DOW to break and we need BKX to get through this lower supports, I think divergence is on the cards DOW may not break and NDX may test the lows.. BKX and DOW will give a good indication of market direction.. I expect old economy to hold the levels today and we may see that 1382 may be maintained although Comp NDX may hit the lows of May .. AMD earnings today after the bell will addanother twist to this ongoing saga.. my positions would be to keep some added protection below 1373 break at around 1300 area and remove the earlier protection on test of 1361.. that 1350 would be in maximum money whereas 1300 would provide the ultimate protection in case of 1350 does not hold on closing basis..

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