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Politics : Idea Of The Day
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To: Rupsky who wrote (12875)10/27/1997 5:35:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I think we are in a very strange situation- the market sold off on worries of a big crisis in ASEA- it is on levels of Jan 97 within 100 points of it- I need to see now where and when to expect a bounce up- Can this be a begining of a fall to 6800 the next support or a move down to that level and back up I see a lot of points which may merit a visit tomorrow like 840-50- area however will this continue below that I doubt- I will maintain my hedge below 740- and try to see how to take advantage of some new values- I have seen it all before and for me the fundamentals of this market the interest rate scenerio and other broad parameters remain stable- this is a jerk I concede that I never thought can be achieved but the ease with which this break is achieved also gives me confidence strongly believe that shorts will need to cover soon. The same institutions which brought this fall will collectively run to reverse their shorts once the sentiment changes.
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