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Politics : Idea Of The Day

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To: Andrew C.R. Biddle who wrote (8896)	9/4/1997 8:25:00 AM
From: IQBAL LATIF	of 50167

We still have reports on underlying iflationary numbers like yesterday hi GM sales and higher leading indicators which confirms my feaers that we are not yet out of the woods- I will until tomorrow keep a quiet profile, however if tomorrow numbers confirm that wage pressures are non existant and non-farm pay roll is as docile as NAPM we may see a major spike up. My new ultimate resistance up is 8150 which correspods to new high of 8290- this 8150 will be a major resistance and once DJIA takes this out, run to new highs will be a formality. All these strong numbers does indicate that we are going into one of the strongest earning quarter and I expect we may at the most see three more major earning short fall announcements which will cause sectrol weaknesses but once tomorrow numbers are out we will either test 7825 which should hold or take out the first resistance on top above 7900- as Taqi points out OEX 900 is a point to consider but once 945 on S&P is taken out all other resistances will be easy to pierce. In a market trading at lofty levels the run is going to be hindered with strong economic report, earning short falls and direction of bonds, yesterday late bond sell off took steam out of market momentum and until bonds do not stabilise market cannot build a serious momentum. I expect market to test the 20 days MA today on S&P and this will also give me an indication of how strong the hands are which have joinedthe band wagon post NAPM number- if the resolve will show any questionable will we may see S&P testing even 920-928 area- \|I will be astonished if investors can take huge positions in face of non farm pay roll numbers tomorrow. Today I will play the market on fears and will expect some fluctuations and testing of major supports- I was also very surprised to see that INTC CLOSED SO WEAK- sox will not be able to attack 400 without INTC taking out 97 or MOT 78 until thses individual stocks get going our strategy remains very cautious. S&P initial resistance on top is 937 and 940 SOX 392.8, lets watch and see if we can do some profitable trades within these parameters.

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