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Politics : Idea Of The Day

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To: J.T. who wrote (8468)	8/29/1997 4:02:00 AM
From: IQBAL LATIF	of 50167

TB's- the TB's are heading towards the wall- yesterday equities late sell off perfectly in line with our script- this is a tug of war between the Chicago boys and the NYorkers- the Chicago floors are giving a bloody nose to the equity traders- look at S&P day before yesterday they tested the floor suppport at 904 got every one short took the market at the end to 915.9, yesterday they opened limit down had couple of yo yo's and took the market back upto 916 lot of NY got long at 910- last 15 minutes the floors sold the futures heavy now trading at lows of 899 on Globex- but beyond manipulation smart money is bailing out- see the individual big 11 all of them are weakening and tendency is for lower lows so far. I will anxiously look for SOX to stay and close above 375 and INTC 90 MSFT 129- below these levels we arein a no man's land- and we become dead sure that our third levels of support becomes a reality- so far 893 is the first test. TB's are benefitting by default- but the real sword of damocles hanging over TB's head is threat of stronger economic numbers next week- there is no reason for TB's to rally until the economic forecast confirms the trend- I think we will see TB's unable to go further on I see 114,10 as absolute hi- it hits the wall on that level beyond 114,04-10 is no-mans land- and retreats- the progressio on charts is strange- 117-114 I have intentionally missed the points and change 114-112 112-114 I think the neckline of the double top crosses thru 114,04-10 areas, I am tilted to think that we will see a selloff in TB's on Tuesday to 113,04 or test of lows- I will be pleasantly surprised if this market changes direction- the number for good of the market should be strong. Today we should normally test our lows of 893- in a thin market and every one leaving for holiday- this will be one heck of a day- keeping my fingers cross. This ia part of my daily comments and should be read in conjunction with my earlier mail on markets and direction-- a sequel tounderstand uncharted territories.

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