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Politics : Idea Of The Day
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To: J R KARY who wrote (19001)7/20/1998 6:08:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
17th July 2.36 Kary enjoy this post--'CSCO will move but SPX will not make much ground' and that how we closed the day today--composite up and SPX down--
'Composite is in a breakout- and it is now supported by companies like CSCO SUNW the Coke's of the networking industry-- sooner than later some smart ass will realise it-- this 2000 breakout with strong buys on CSCO's and SUNW and EMC's can be very explosive-- SPX may not make much ground but composite closing above 2000 with a yesterday intra day test of 1983 is quite capable of moving up to my target of 2050.'

I still think AG will not spook the markets-- composite resistance is now 2010-- I will like this DJIA to consolidate here - on SPX my 50 point move is over but I will suggest a rotation that may take my composite slowly and steadily higher and my 'ko's and Ge's of networkiong higher but oils and others may put such a restraint that SPX and composite may not move in tandem--- it was this on 17th I highlighted in my post suggesting long calls on breakouts but I was referring to this incresed chance of consolidation. On IIX I was right we moved up strongly and as I identified if some one has shorted this index as proxy for Yahoo excessive run he must be now realizing that it also contains netwrokers-- it is being said in the market that spending in incresing volume in next two years will multiply four times whereas in last decade it has only doubled so one can appreciate the explosive growth-- I was reading also a report that by year 2000 3 trillion $'s need to be spent in upgrading IT related equipment- one needs to keep a very close look at all this as we move forward in the market- I will expect lot of money to come in this sector and some of these stocks will make some goodruns --as for today it was satisfactory-- on SOX this 258 level is quite critical- I will soon propose a trade before we end trading tommorrow-- I am closely watching my bell weathers and some important supports if it takes out these supports I will not hesistate to short semis below 252 for a trip to 242 area-- bi bi for now
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