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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (18901)7/24/1998 2:12:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
1932--Up or down the levels either are resistances or supports-- they don't change, this is one important point to know market action by heart.
To: +CareyM (18896 )
From: +IQBAL LATIF Monday, Jul 13 1998 5:05AM ET
Reply # of 19034

As France makes it to the world cup championship in soccer- I congratulate French nation for a well deserved incredible victory -they just outplayed Brazil in every field it was a tremendous performance and unlike any other self styled World Series was watched by 1.9 billion people all around the globe. Viva France.

As we go into markets post Japanese elections I have following observations-
1- Markets in Japan have been higher may be a sense of relieve that the government may have to do a bit more in face of voters rejections of inaction.
2-The overall indexes are clearly giving me a pre-dominant signal of failig at major reistances-- in my opinion 1130 is on the cards even 1118 if 1921 is taken out-- on last friday I talked about a test of 1921 we almost got it as market bounced back from 1926. I will very carefully look at a break of 1932 area and will buy some protective puts below it, these puts will only be bought on closing basis and I will wait until last five minutes to place this trade, overall I see SOX going back much lower if 242 is taken out or 345 on PSE, we need to carefully watch these signals the global signals are all turning back from resistances and unless these immediate reistances are taken out we may see some testing of very key supports for me 1892 on composite and even 1885 is possible- if 1140 is taken out we have this 1118 support as very important support and I would think that we will hold that in case we go down of course we will always drift a couple of points lower before heading higher from that level.

On the upside I will like 1210 as my objective in this summer rally I have reasons to think that this will be the ultimate reistance like we had 990 in our previous assault from 750. My range would be 950 to 1210 between now and Sept-- on SOX I will think if we break 265 we go to 300 and PSE makes new highs but if 261-2 area remains unconquered we go back to 227 even lower, we are right now in a very sensitive stage, my bias remains a good test of 245 area or 348 area on PSE or 1921 on composite below it we will see lot more selling.A break of 265 will help composite to go higher and achieve during this summer rally my target of 2050.bi bi

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