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Politics : Idea Of The Day
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To: FJV who wrote (19150)8/4/1998 5:25:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I think I have just answered your question--Two closes below that 1070 area are a must but I would in connection with DOW will insist that if we have another close below 8550 my level I would think that would trigger a new bout of selling.So may be last hour tomorrow will be critical if we are above 1080 and below that 8550 level-- that would partially mean that our 1070 objective is clearly wounded.As DOW 30 can knock that support to 1055 area-- however I will let the test of three point prevail--dip and second dip I short/

I would like to say that all this area between 1070 to 1020 will be fought with tears, blood sweat and money by the bulls-- I am one of those rear kind of no-nonsense realist-- I like many others have not sold a single stock but have nearly traded three hundred contracts on short side- these markets are tremendous opportunities for 'realist' like me but to be honest they have rarely lasted so long-- I smell some big money behind this someone who is helping my short trades and what I am concerend about is that he is not covering I would think that we need a catalyst for buyers to appear -- may be CSCO or AOL combo will lead market higher above the levels where short neds to be covered-- but sooner thna later shorts will cover and my expectations are that ASEA will not follow the cue- they will be caught somewhere mid night on Globex within four to five days.

I would think that 8350 is the ultimate objective where you are giving up all profit gains of two quarters reducing the P/E - these lowered expectations business will keep market in range between 9100 to 8350-- or 1055 on SPU, I am only concerned that we may see a little more selling in Composite since last time we saw RUT under 400 composite was 1400 level and change right now we are at 1805- this can take a hair cut to 1700-- a bit disproportionate but very much possible if some of these big multiples in compoiste start giving up but todays AOL has made that possbility a little less.
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