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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (19030)	7/24/1998 1:47:00 PM
From: IQBAL LATIF	Read Replies (2) of 50167

I predicted a new magic number today was the support 1132 we tested that and came back roaring- this is how I perceived the action-- watch for break in AMZN we got that-- July 24 10.20 post- '1935 the magic level of 22nd and my new magic level for todays support will be 1132 on SPX-- lets watch the action-- in half an hour the morning longs should be taken to the slaughter house once the pits are done with them we may in the afternoon go higher-- the other scenerio can be that pull up may be so strong that we may not be able to go down at all but compoiste will show that-- I also think as I have trying to highlight since last few days that it is 'cup winners cup rally' and DOW stocks have not won any cup in this presnt round of earning displays so we may have this rotation where the money comes into more productive companies where investors can have the visibility of compounded growth'. We wil like to see the resiliance in SOX very closely- only 2 points down when composite was hovering at 1917 area-- I would like composite as it is now to close above that 1922 number- if it is closing lower go home with some short positions-- otherwise time to go long SOX above 255 and above 1935 on composite- this is one hell of a good market-- the market will not go anywhere and remains within a trend until 1865 area is taken out and that I need a single close it will only come on back of huge internet selling-- keep a eye on meltdown on Yahoo AMZN type hyper stocks if this composite has to break this 1865 area it would be internet stocks the other stocks in techs are showing great reistance- in a bad market to withstand pressures like SOX did only repersent one point it wants to go higher-- the running commentary continues-- Hope you guys quietly are enjoying ball to ball coverage---bi

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