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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (19085)8/5/1998 8:27:00 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Europe is heavily down, the suited booted blue stripes 'Fund Managers' in Europe one of the kind we saw in manifestation of Ralph Accompora are callous victims of 'Hedge Funds' strategy- Failing to sell the core this attack is an indirect attack on the market by the hedge shorts. Sell transportations, sell the laggards, sell RUT get this DOW theory out of the dead coffin and spin it out talk about internals as dreadful --and get people trapped- create a slide out of default. The managers who have never managed a penny of their own money in all likely hood have gotten themselves in the trap.

The hedge funds don't mind taking them on a ride- what was last month a great economy is now going down, this is not reality their are no big bank loans deliquencies, the bonds are properly poised the growth is strong and non-inflationary.Revenue numbers solid look at CSCO- and with AOL the last remaining bastion i.e. INX sell off is difficult. The strategy is if you canot crack the core stocks, get a slide thru side attacks. Lets watch for this action today and keep your cools -- rmemeber buying at supports when the things look the ugliest is the name of this trade. My range today 1055 to 1102- I would like that upper limit to be taken out for repeat of that famous victory of bulls over bears in Oct when the big guns of the bears lost their pants. I will on second break of 1070 below 1067 will intitate more selling of calls and buying of puts- but I will be very nimble to cover above 1078-

-- now is the time in my opinion the cracks in BKX and DJIA do not have much of a room-- we will see this bait of very beaten down sectors will be unable to crack the DJIA below 8350 in a row.

Europe will run for cover once 1070 is held or a quick dip to lows reveals no big institutional selling--
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