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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (18433)5/27/1998 3:12:00 AM
From: IQBAL LATIF  Read Replies (3) of 50167
 
My message on 22nd May <<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.>>

I am looking at SPM trading around 1087 now on Globex, I would like this thing to go a close above 1100 for me to think that 1065 or even 1040 is not on cards.With SOX down 3 yesterday and SPM down nearly 17 or DJIA 150 points the last line of the above message could not have been more emphatic and now if 265 on SOX is taken out which I think is one cards we will see 243 the previous low if SPM continues to drift lower and takes out 1065.

I think we will see pressure to continue if 1102 level is breached on second closing basis, I would recommend to continue with bearish slant in the market until 1102 is not taken out on two closing basis. I would like to add few 1060 June puts for a trade if this SPM is unable to take out 1102 today.
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