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Politics : Idea Of The Day

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To: Riskmgmt who wrote (18117)	4/24/1998 3:06:00 AM
From: IQBAL LATIF	Read Replies (2) of 50167

I think one needs to be careful with broad market, the chart action on SPM is quite strange we have a few pull backs from 1135 or to be specific 1130 area for SPX these pull backs should not be taken lightly. 1130 was my target way back as soon we had crossed 990-- however I would assume that until rotational effect is fully appreciated we may see even stronger to be Techs weakend but notice that any other day a 36 point pullback in NAZ would translate to a atleast 12-15 points on SOX and atleast 7-8 on DDX however these indexes were well bid. I will expect if weakness continues today that towards afternoon we may see SOX firming up even if it weakens. I will consider SOX to be a buy at dips. I will be concerned below 308 but otherwise around 311 I may go for a long trade with a tight stop loss at 307.

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