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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (17124)	2/24/1998 7:39:00 PM
From: IQBAL LATIF	Read Replies (3) of 50167

This is what I wrote yesterday on composite under 'Party or caution- if caution why'- I hope todays market action will show you importance of a double close above 1748- 'Now on composite I am not going to start the big party until if we don't have a second close above 1748- two closes a must and all of you run to 'Gems thread' - to find some good small caps- I am seeing Russell lagging by 10 points to catch up with 466 to break the old hi- so if we have new highs every where on Russell- DJIA -Composite -BKX so which is the only sector lagging- where will the money go---- go and look around if this close comes in tomorrow we are going to break 466 soon and the laggards will run in a matter of few weeks- Oils war or no war leave them- look at others- NOKIA what run! A close below 1748-- I will go short term defensive depending on overall configuration- this I call a 'stalling of momentum 'very tricky and very dangerous.. I have seen it many a times in last two decades and I will be looking and watching at it carefully- I know they the 'locals' will try to rattle it however comes what it may be I would like this 1748 to be maintained tomorrow otherwise it looks to me an emerging and I just don't want spanner in the works at this stage... If we don't close above 1748-- do you know what does that mean-- can someone tell me where possibly we can visit on composite? I hope that most of us atleast on this thread has maintained long core positions but a close below 1748 tomorrow will need a special session-- hopefully we will go through the hurdle but as I always say it is the reversal and fall most difficult to identify and this is the key to highlight today- ' This is now looking and resembling like a double top- the second close above 1748 was not possible hence I will be cautiously defensive until 1022 is tested and held-- I will not intitiate any positions- SOX did not pierce thru my 320 also but composite failure is a clear indication of how important it is to wait for a double close above new high or a major resistance- these intermediate levels save you from prematurely entering at a major resistance now lets look if this failure is not leading us to 1715 on Composite. That would signal some weak sessions for next few days-- I am extremely satisfied that the message yesterday contained clear refrences as to why we need to see a break above- when we are going to see it if it comes and why if we don't close above we can go lower- and I was able to forewarn on 'locals ratttling' actions -- now with 1738 we have a good solid break and I think we will see some weakness to continue and some supports to be tested.

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