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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (16577)	1/26/1998 12:13:00 AM
From: J.T.	Read Replies (2) of 50167

IKe, This wall of resistance of 272-275 (your target 280) reminds me of fateful day for bulls following SOX index in October when we were at 390 area and oh so close to "taking out 400" so we could move to our new " 420 target area". Unfortunately, I have memory of elephant and we could not "overcome" gravitational downward pull from there. You are looking at upside target potential of SOX and I am looking at downside risk. We have had "lower highs" from 8/21/97 all the way down to present situation. A break of 255 will dictate imminent and final test of 243 IMHO. We must hold 255 on a close. Failure to hold this level and we will slice right thru 243 like knife thru butter IMHO. Rebasing then begins at 214-224 level that I have mentioned several times now. I will do micro breakdown of key stocks that we should watch like hawk next. While the fundamentals dictate future stock growth, it is at times like these where TA is telling " a different tale of two cities" that we are about to engage in. JT

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