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Politics : Idea Of The Day
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To: J.T. who wrote (9178)9/9/1997 10:12:00 AM
From: IQBAL LATIF   of 50167
 
JT-I am watching the bonds very closely- I think Intc opening higher is keeping SOX from a break from its supports but if bonds take out 112.12 we shall see 112 very quick it is at these levels in case of bond breaking 112.12 that we shall see a test of S&P 925 a major support on cash. I will see AMAT and INTC action alongwith the bonds to forecast if SOXx will try so far unbreakable resistance on top at 392- it has tried to take it out four times and its inability to me shows that another try will only come on the back of a bond rally, I am at the moment very cautious and conitnue to do so until SOX takes out 392 on closing basis and S&P takes out 938 the big resistance in futures.

With bond at 112,20 I would consider a test of lows a real possiblity if bonds are unable to take out 112,29. From my expereince I can tell you if bonds have come so far down they will go lower and test that inevitable 112,00 I just don't like this configuration and until this configuration does not change we are in a very tight range and let me tell you that such lofty markets are unable to sustain at these levels if momentum deserts them- it is either up propelled by momentum or down if momentum leaves them, I leave to your discretion if you detect any momentum- every one is waiting for bonds to settle.

My short term view of the market is slightly biased towards a test of 917-918 area and a test of 7820 on DOW assuming these levels hold until Friday we will go for the big number which will decide the fate of bond- it looks that more than likely we will see our 112,00.
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