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Politics : Idea Of The Day
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To: Riskmgmt who wrote (18108)4/23/1998 6:35:00 PM
From: IQBAL LATIF  Read Replies (4) of 50167
 
Ray- Just reached Paris-- the market was down as I expected MSFT was buy a rumour sell the news growth has been questioned but new product line should take care of that-- 1130 on SPX was unable to hold. I would expect tomorrow to see SOX edging up to 320 a retracement for a day is alright after a huge move. However if SPX closes below 1130 again I wil like to go defensive below 1118 that is a trade which will only define my strategy of long techs and cautious about overall market. I totally believe that the move in techs is bound to come which takes us higher then 330 resistance which seems a formidable one at the moment. I also believe that SPX or SPM momentum is fading I can see it clearly but the decline may not be as sharp as expected since banks story is still not fully out. I expected this 1130 resistance to hold and I highlighted it in my morning post alongwith my astonishment that MSFT traded higher post number althought it should have drifted lower after a greatr run even beating the upper whisper.

In these conditions I am looking at economic sensitive numbers to rattle the markets, I would like to go into ECI a little well protected. I think wage pressures will show up in this number albeit with no consequence but market next Thursday may overreact, me being a cautious person will like to position myself for a quick hit and run.

I love it to see INTC at 831/4 instead of 64 and TXN above 62-- I expect XLNX to take out this resistance band soon. Enjoy the run and for me I am working long techs cautious market divergence.
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