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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (8608)	9/1/1997 10:38:00 AM
From: donald sew	of 50167

INDEX UPDATE -------------------- I must first comment of the tradegy of Princess DI. I just have to think - is this what this world is coming to, which is manifested by the sensationalism which motivates certain parts of the media to go so far. Just got back for the day. The short-term technicals for the overall market are very low and in many of the INDEXES and individual stocks are either CLASS 1 or CLASS 2 BUYS: CLASS 1 ------------------ SOX OEX XMI TXN AMAT CLASS 2 ----------------------- DJ30 NDX BKX IBM GE CCI WDC CLASS 1 = reversal in 1-5 days, with minimum downside CLASS 2 = reversal in 1-10 days, with possibility of further downside. As to how much more downside, in most cases it is only slight, however there are quite a few instances that just a small drop in the technicals could still bring a fairly large price reduction. Both CLASS 1 & CLASS 2 BUYS should be purchased at tommorow's low. Now the question is how to determine the low for the day. I normally go to the next support line and it normally works. It gets tougher when it does not drop to the next support line. If you may be playing any of the individual stock, I would suggest to watch the OEX/SPX/SOX as keys to when the market turn. This thread now as a valuable tool in the RED DOG - which I now use to determine intraday buy/sell points. I hahve noticed many commments that we may see further drop, and such is a concern; however I still will have to live by my TECHNICALS. If anyone recalls, approximately a week and a half ago, I had stated that with many pull-backs there is normally what I call a "TECHNICAL DELAYED DIP"(many refer to it as a DOUBLE BOTTOM) which brings the market back to the previous low. I will admit that I am getting only few signals which are giving indication of further down. Take a look at the charts of the DRG - is iton the "RIGHT SHOULDER" of a "HEAD & SHOULDER" chart. On the SOX - is it a "DOUBLE TOP"(downtrend to continue) or a "DOUBLE BOTTOM"(reversal upwards). Overall the short-term technicals are indicating a reversal within a few days. Please keep in mind that the above analysis is based on short-term technicals and may or may not be a indicator of an extended run-up. Seeya

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