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Politics : Idea Of The Day
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To: av8r who wrote (7555)8/22/1997 10:18:00 AM
From: IQBAL LATIF   of 50167
 
Diagonastics- SOXx DOW S&P- so what next?

SOXxmade a hi three weeks back and reversed-
SOXx again made a hi at 404 and was unable to hold and closed lower at 397.
SOXx inbility to take out old high is a strong reversal sign.
I look at following supports-
381-the 20 days moving average
I think SOXx needs to break this to probe 367 but if it takes out 367
It can test the 50 days MA sitting at 350
Anyone interested in buying a insurance of their portfolio can buy a put of 380 or 375 still the premiums are hefty.Just sit back and relax this is not a very good configuration I am offering you an insurance against a steep decline-
I don't think other big money Managers are going to keep low they will also come out with some downgrades-

Here I am not asking you to turn to a bear but these choppy markets do need some insurance.

DOW-
Dow was unable to test its 20 days MA resistance, it turned back from 8021 now few supports I think were good has been taken out, it is below 50 days MA of 7930 I think a test of lows is on cards- below 7615 is 7450 and 7200-- a very distant shot.

S&P
20 Days MA and 50 Days MA are decisively pierced- it needs to hold last Friday lows at 893-97 area, if that holds we will see a small rally and than back down, but if the support of last Friday breaks we are in a problem, I will watch and keep you posted- I wish we get some much needed economic data supportive of reversal in LB trends so that market may hold these levels.
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