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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (18222)5/1/1998 4:51:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
FTSE looks well bid as it opens in the morning-- Nikkei was modestly down but HSI bounced off the support nicely. 13 states moving to stop windows 98 release will restrict MSFTmoving above 90 if it closes below 87 I will like to purchase some 80 puts. INTC closed above 80 and it was good to see that we only had single close below 80 still it seems a big lobby is working against WINTEL monolith and I see this as a potential threat to Tech sector--- one needs to keep an open eye.

I will assume after a good test of 50 days and filling that gap which looked awful, market does have 'moral' technical justification-- for a puritan it was a must move. Market may now move higher and test 1130 barring Tech news like WINTEL that may obstruct this move.

I see a good move in Composite back towards old highs but I will like a break of 1845 to be bad sign for interim period-- Composite did not test its 50 days MA at 1799 although it did come close to it but still purely from technical point of view a level that was needed to be probed or gap which was to be filled, I would assume if we fail around 1130 area we will see some pressure to retest 1005.

SOX looks alright, although in percentage terms it is lagging S&P.SOX would test this 320 and I will like this to close above it by next week-- a failure will take us to retest 298 area where we will see enough interest again. Techs have a interest but not enough to break thru the resistances we may need to see building of momentum.

I will assume bonds to test this 5.85 level-- on the whol;e market will test higher levels if it takes out the levels with ease always remember that market coming back after a test of 50 days MA is a rejuvenated market. I will expect that 1130 can become a major resistance for next few months if this is taken out on two closing basis.

The higher bands need to be tested after lower probes were successfully held. What is that level may be 10000 on DOW whatever it may mean to SPM.
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