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Politics : Idea Of The Day
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To: George Mc Geary who wrote (19020)7/22/1998 2:26:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I have seen these kind of things far too many times-- the 1155 support is maintained but I think the most positive was test of 247 on SOX although 247 on SOX was tested the rebound to 252 was equally impressive-- this CA thing is one off thing or if we have another surpprise but none of these things have got the kind of potential to take the market down like IBM CSCO INTC or MSFT-- look at the brad market my bell weathers for me the spread is useless until it closes below 1155- I will not leave my portfolio withou hedge if 1155 is taken out if that happens otherwise I will buy some more puts expecting that my 1967 support is broken- I am sure we will close above this support otherwise this leg can take us to 1935 on composite-- I will think that 107 divided by 2 is the 53.5 is the correction level but sometime we overdo it-- with earnings like QCOM one of our highlighted stock I would be surprised if we break key supports.

Any way justice demands that we should have Oct 1130 puts in case 348 on PSE is broken that would signal some serious selling in sectors which are holding well. My levels are 1155 on SPX 1967 on composite and 247 on SOX these should be respected I think we will close around 1970 level on composite- lets see..
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