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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (19082)7/29/1998 11:32:00 AM
From: IQBAL LATIF  Read Replies (4) of 50167
 
We opened higher and now are testing this 1128-29 area on SPX or the critical support of 1135-36 area on SPU- I think that we are going to test that 1118 area before any move up can be expected. In longer term now that RUT is languishing we may if some more destasbilising news hit the market can have a serious downdraft a quick one.

I am seeing that we are on composite at 1892- I would think that in case we break this support and have close below 1118 on SPX we go down and test 1103 area, this can exceed to as low as 1076 on SPX-- which in DOW terms would translate to my level of initially 8806 ( we did go there yesterday but rebounded from 8816).

The most important support of this whole move which can be equivalent to 900 level on the move of 750 to 990, will be '8600 support and 1076' on SPX which comes to 1790 on composite this is the full capacity of this whole down move. I just wanted to chart the potential danger of the move and this is not suggestive of present conditions point to that direction what I wanted to chart was where is my 900 point and it would beocme a pivot around which we will see some consolidation before we make and attempt above 1174 area.

I will remain with my call selling and put buying strategy until 1155 is definitely cleared atleast once on closing basis. At the moment it is just legging out at supports from half a position and re-establishing when we pop up.

I will like to watch PSE closely and SOX it will be SOX break of 248 and 348 of PSE that will confirm a move to 1865 area on composite.
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