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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (16619)	1/27/1998 10:56:00 PM
From: IQBAL LATIF	Read Replies (2) of 50167

TXN finally took off that elusive 50 INTC could not break thru my level of 80 but what a close on DOW 7815 just above this oft repeated 7810 resistance and now a soild close above it another day will give some legs to this new assault- BKX was a classic call above 704 it just ran theu overhead resiatances and closed above 710 around 714 my level of 720 is the next target- good position to be in here at 704- HFX bounced off the 346 good similarities with DOW and SPA on this chart two brief one day breaks below 345 otherwise pattern has remained soidly higher- SPA closing above 968 is a good signal will attempt this 992 area soon should take it out this time around- ASEA looks as if semblance of order has returned and we may see some buying coming in- I have satisfaction to see my levels are now far below and supports have not hold but have acted as good bounce. I will move my supports higher today as I see the proceedings today I will ake my profits on TXN and BKX if I see SPA closing below 968 level- no reason for this - I will look now at 720 to be breached and stage set for 730 on the up for BKX_ SOX I will like 278 to be precisely taken out still a lot of overhead resistance may be INTC will move up sharply today MOT also needs to get going - TXN 55 is a level for a close watch. SPA- 980 the first target and than 992 a failure and probe which continues within strict band of 968 and 992 will keep this present charge alive and healthy a close abelow 968 will need a defensive posture I go defensive if the trend fails above here on closing basis nothing of shorting anything but ofcourse taking profits away from the table- DJIA- I think we wrote about DJIA 7810 as a key resistance the way it was taken out last night is reassuring- mind you when levels and resistances are taken out with such a single volleyed strike bouncing off key suports I consider that a very big plus- now we need to see this 7810 to be well maintained if you cared to watch HFX movement yesyerday you could have see the move coming out of the gate we saw HFX bouncing off that key support like a rubber good move up- if we need to ride the next leg up with maximum of flexibility we need to see this HFX and learn to trade it on the up and downside unfortunately good proxy for Techies to get some action og big caps but slightly less liquid wish it was more liquid like SOX abd BKX- Japan is above 17000 Malayasia and Indonesia going thru some well deserved consoildation but danger markets Korea China HSI the blue eyed babies along with Nikkei are going all right- Premature celebrations of a good run need to be shunned keep a close watch on markets make money and get out of them when levels are broken- on days like yesterday if long game plan is not fully available sitting on side lines and seeing market getting out of your hand is a very painful processit is for this I keep a soid bias in my recommendations but will urge extreme caution- this whole strategy requires a global view expanded whenever an event repurcussions are beyond acceptable limits the model and interrelations give ample fore warning we need to keep our focus on quantitive and qualitative analysis of an event effect on markets once significance is well appreciated and hype is taken out market appears to dance to our levels- It is 'Danse avec les loups' and we need to maintain our vigil as far as we don't get overenthusiastic. On bonds I am happy with the levels right here even a break of 6% is not a problem for me- I was exactly anticpating this break - market in my opinion has not prized even 6% lest not worry about 5.75- weakening of bond is steming from 'flight' money unlocking itself from safety- this is another divergence I pointed out few weeks ago we need to see bond selling as market gets back to its normal course- bond weakening may be apparently considered as a set back but a move to 6.10 even if accompanied by selling out of the gate on opening should be considered as opportunity to go long remember bond will sell on strength in the economy and that is what is required. Have a good day and enjoy new frontiers of global economy-

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