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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (18428)5/22/1998 2:35:00 AM
From: IQBAL LATIF  Read Replies (2) of 50167
 
<<If SPM is unable to close above 1120 we will see this rally faltering and we may see futher weakness in SOX which may lead to new opportunities.>>

I would like Intc not to close below 75 and would like SOX to take out 280-82 resistance without closing second day below it if these conditions are not met I would think 265 is on cards-- I would think that composite 50 days MA will then become the acid test of interim market direction if composite 50 days MA is taken out twice I would think that INTC can test 68 $ the previous low.

I have a feeling that 1102 is on the cards as far as SPM is concerned, market is at the moment concentrating on recommendations but earnings will not stay too much on the back burner. I would think that SPM 1102 composite 1819 area are important supports and thet should hold in case of a close below these supports on two days test I would project this correction to extend to 242 on SOX and as low as 1745 on composite with SPM to test 1065 support. Here I expect much steeper sell off in SPM than Techs as most of the fat ( persumbly) has already been taken out.

TXN looks attractive at 52 area and INTC I would think to intitate some positions at 76 if we see a bounce off 75 today or 71 if we drift lower in case we have a second close below 75 today. Any new positions should also be co-ordinated with trend of overall market and levels above. I would like to cover all my shorts at SOX breaking 288 intra day or INTC taking out 763/4 and TXN 561/2.
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