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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (15188)12/1/1997 11:09:00 PM
From: IQBAL LATIF  Read Replies (5) of 50167
 
Dow 800- A reality or a myth? Instead of 6200 now 8000 will bears care to post an apology for getting it all wrong? gggggg

Two absolutes now- SOX takes out 321 within next few sessions and S&P closes above 980 couple of times- this is the begining of a major change in sentiments- I think lot of towels will be thrown in soon and my resistance is now 970-72 area with a target of 1000 on S&P- my SOX target remains 321 where I would see market taking a breather and S&P retracing to.... I will short the market at S&P .... more to come why to talk of short in a bright sunny weather- the storms brewing against the market cannot be over looked but in bonds also a decline of price and increase of yield can be very much absorbed by the market. I want my level of DOW 8000 to be maintained for today and then we move on to greener pastures.However we will see some hurdles from strong numbers which will affect the bonds perhaps a jolt but soon the market will focus on 98 results and last traditional strong quarter of 97- Nekkei and HSI had a second close above critical levels and that is significant- the big spending package is on the way and I see Japan and HSI consolidating at these levels- my SNE inched up strongly since I wrote last I remain overall positive.

Keep watching for SOX to take out 309 today and close above it a close of S&P above 980 will signal a quick run to old highs.Another DOW above 8000 today will pshycologically ensue a short covering rally I see 100-150 points move popssible within this week if DOW maintains above 8000 posture- some purists like to see this couple close as a confirmatory signal.However 'Bears' the permanent representatives of doom should now learn a lesson- markets are not about few numbwers and few charts neither do world collapse because a single analyst thinks it would- markets are far bigger and earning capibility far stronger- Welcome to the new world of "Ideas" this is not DOPW 6200 thjis is DOW 8000 and it remains the steral of the century.
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