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Politics : Idea Of The Day
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To: Riskmgmt who wrote (20599)9/22/1998 5:14:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
COMS came out with good earnings -- has beaten the whisper number-- trading at 33 after market close-- I think this will bode well for IIX and ASND-- SPZ 1070 is my target as I am told by my friends in the pits- we will see after that-- I will only short this market below 1000 big way because I think we will see 900 or even lower the test of Oct 28 th level- Nikkei will be eagerly anticipated tonight to set a good tone on DOW- COKE killed the DOW move today- may be COKE alone was 22 points drop on DOW I just wrote to one of my friend that DOW and SPZ and RUT may move in a different proportions until next few days- I rest my case on two things one like utilities RUT does have some compelling valuations other DOW and SPZ P/E ratios have a huge gap DOW is at 19 S&P at 26, DOW components are more cyclical in nature hence may lag whereas SPZ being more growth oriented may face the brunt a little better- so I am not looking or expecting that our levels on DOW SPZ RUT or BKX which has to move if this things needs to go up will move in the same manner they came down..

I don't think we are in secular bear market- we will see very soon if earnings like COMS keep pouring then one may argue that if in poor summer months ''IIX'' is doing so well what is going to happen when big orders roll in stronger months markets tend to work forward numbers so lets see and watch ---

Market is poised for a move up but ofcourse Japan has to cross this rubicon at 14200 first-- I hopefully think we will see it soon- I also think France ELF Total AXA ALA will stabilise very soon after this hedge fund based selling is over in France. We will see some short covering-- I am informed also reported in WSJ that huge margins calls were made during first three weeks of Sept and most of the hedge funds have covered by selling corporate debt instruments-- I will like to re-enter my trade on Bonds longing the puts at 122 or 120 level Dec contract this is my third entry since I have posted-- for me FTE looks good in one week time- Sterling against $ is a short has failed thrice to take out 1,69-- a perfect signal -we don't get better than these kind of sells--

For hi risk averse account I will propose IFMX-- my long for six months- I was eating today at a small place the gentleman discussed with me this particular stock- the managemnt is good and earnings are going to be good according to him- XIa- no credit card purchases please!!ggggggggggggg

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