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Politics : Idea Of The Day

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To: Tom Trader who wrote (18184)	4/28/1998 2:47:00 AM
From: IQBAL LATIF	Read Replies (1) of 50167

Tom-- Thanks-- I was not referring to your Nikkei highs-- I was thinking about Oct and subsequent posts which I had written. I have only one point agenda for me any selling based on WSJ article will not last long however selling based on strong ECI will be the one I will worry about. As far as fundamentals remain intact I think we will see a cosolidation period between 990-1130 like we had between 850 and 980 we will see a lot of tops and I think 1130 -1150 is the band of resistance it will now only be taken out if laggards start running otherwise for market to drop below 1085 my 50 days MA I will like SOX DDX NWX to start breaking below 302 200 and 325. Banking at 820 region is sitting at a major resistance and hence expected to hold that. First quarter earnings have inserted a support under this market the only way I see it crashing is yields backing up above 6.30 I am pretty sure that 6.25 looks doable so even a rally here will be an oppotunity to sell at a higher point. I will only be clear after ECI NAPM UNEMPLOYMENT. On how I determine new levels of resistance I think I have explained this in one of my previous posts to OJ. It is a crude method but has always helped me determine the top of a move within 3 %.

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