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Politics : Idea Of The Day
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To: vegetarian who wrote (14077)11/12/1997 4:43:00 PM
From: IQBAL LATIF  Read Replies (4) of 50167
 
M.Carter- This close below 910 is not good at all- this was associated with selloff in Bovespa- global markets will not like this 157 point drop- by giving in DOW has shown its vulnerability to Latin Crisis although year to date Brazil is up but you cannot ignore this close- I would think we would tonight see a lot a selling across ASIA -on globex we may see another limit down but this synergy to break of 910 with break in Bovespa does not bode well-910 was the level- now purists can try to convince that we need to see two closes, for me tomorrow is the day and tonight it will be decided in Japan- if Japan takes out 15000 we are in a mess and old test of lows is on card and that would be 890 - I would expect that 890 may hold as 'the famous Japanese package comes in' but tonight it would be difficult night for global markets for technicians this is a violation of a very important support- I will need to see a close above 910 tomorrow to say that this is a one time damage. For me we will go for the big test at 7200 tomorrow- at best we may see a flat close in ASEA - lets see this is a very important night. Today if by any default ASEA does not sccumb you will see tomorrow DOW regaining its losses but if ASIA sells big we are in volatile one week- is this the big one- no- big one chances with a disciplined close are wiped. I would not have such a well mannered close below 910- that is the only positive I see.
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