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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (17049)	2/19/1998 11:56:00 AM
From: IQBAL LATIF	Read Replies (1) of 50167

A point in morning virgin territory post this is exactly what is happening now/ 3. there will be a certain divergence in SOX and S&P and that divergence will be if SOX takes out 320. In case that happens, SOX has all the potential to move up to 380 exactly the way it came down to 320, maybe that could be the back of summer rally. Here I'm looking at SOX and its quite a good configuration; I see a possibility of earnings surprises, so for me SOX 280 is a great resistance. Even S&P pulls back, SOX will show resistance below 280 so the pullback in SOX will be less severe than S&P if someone wants to be more aggressive, one can also look at SOX going long 2 closes above 320. So you can be very careful on S&P and hedge yourself, but on some indices long play still looks an attractive option, only if 320 is taken out on two closing basis. Do all your trades, not on levels but on a double close. Get your confirmations right. A double close above a certain level is a confirmatory signal that serious money is winning. So one can think that odds are in his favour. A single close or a quick dip is a false signal, you just cannot get trapped in that.

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