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Politics : Idea Of The Day
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To: J.T. who wrote (12148)10/17/1997 11:42:00 AM
From: IQBAL LATIF   of 50167
 
I think I will raise today the bond support at 114,26 a close below it would be serious, I still maintain 114,14 as a support but this is becoming a critical level for bond- the test of 950 has so far been successul and I doubt that it will prevail- even I think only a close below 945 will be very omniuos signal of this market testing 910- look at variuos stocks individually- there is no case for bears OK any company not making the numbers have been ounished that is what is suppose to happen- but someone sooner then later will realise that TXN CPQ AMAT are being punished along with others.
Industrial production is strong and capacity utilisation is high but in light of yesterday CPI this is a good scenerio for future corporate profits- this is not a kind of mix for a severe fall ofcourse a correction yes but fall is not anticipated, I will think that as soon as bonds close you will see markets taking the cue from the close I would consider a close above 115,01 as a good sign as we may see market throwing away the superstitions of 10th anniversary and start realising that we are in a new phase of economic cycle. I expect market to regain lost ground as 10 th anniversary tribute by 'bears' come to half mast in the evning- $ is strong Michigan number were good - import prices dropped by -.1 and export by -.4, they will notice thses drops and values are being created have a good day.

If you see SPZ testing 945 and closing below we are certainly going to test 910 during the course of next week- but I think that test of 950 will hold. On SOX 345 is the most critical support if we take that out we are going to go to 325. That is again a retracement within a perfect bull leg- but the big one this is not on the horizon - little pains like this thwarts attempt of bears to unleash the 'big' crash. The only thing I see this is a correction within a bull trend with fundamental in place.
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