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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (16480)	1/18/1998 11:54:00 PM
From: J.T.	Read Replies (2) of 50167

IKe, DRAM softness is fundamental reason why SOX is weak b/c there is no pricing power. On the TA side, it is simple case of "backing and filling" b/w 243 and now 272-275 area. Not many trading days below this "260 level" where traders or momentum boys can say they are in below this level and have already "traded out" for profit. Hence, we now get into dangerous territory for all the "bottom-fishing bulls" in SOX Index. That is why "3 and OUT" can manifest itself in such a hurry and why I gave myself two weeks before 243 would get taken out. Too bad U.S. markets can't piggyback off Asia tomorrow. I am concerned Asia rally will poop out by time U.S. markets open for trading Tuesday. You could see nice rally in morning for SOX and test to 272-275 area only to falter in afternoon. Markets never lie. JT

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