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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (18268)	5/5/1998 10:29:00 AM
From: IQBAL LATIF	Read Replies (2) of 50167

Market today- my levels are to buy some puts only if COMPOSITE breaks thru 1870- I was watching this action of SPM in my opinion it may trend higher if inable to break this 1122 or 1118-- watch out for composite level of 1870 this will herald break to 1118 on SPM. i am looking at SOX action and it is moving higher my TXN is also strong until you see some big time selling in MSFT INTC and IBM type stocks or my 10 bell weathers the bears will just keep losing money on meaning less trades. Keep an eye on INTC 80 MSFT 87 IBM 115 GE 811/2 if you see cracks -- go for that short trade otherwise chances of being whipsawed are high. I am sure if SOX takes out 321 the trade is long here, I will like to see SPM moving back up to 1130 to probe and cose above 1130 today that will give Techs the green light to move forward. Many gurus think that S&P trailing DOW is a sign of market weakness and last stages of bull I think why don't you spin around and look at it from another angle may be S&P is lagging because Techs are a reluctant game- with 2 trillion $ market cap relating to Techs still in limbo I would think that why not to give benefit of doubt and think that may be if Techs take off we may see S&P flying and leading this market higher. My purpose of these various periodic reports is just to bring like a devil's advocate points which keep cropping in my head, it is not to change opinions I am one of the fiercest bears as I sell calls and buy puts when markets go thru my level but such has been the markets and indicators that one needs to watch out carefully beofre he places a wrong bet. Sell when suports are broken and watch out for that futures cash premium changing to discount if that is too visible the discount of futures to cash will be unsustainable so will be the selling. The pit action requires actual selling of securities to be followed this is the reason I emphasisie on earliest signs of cracks by watching my ten bell weathers.

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