DOW retreated from 8854-- this was my views on 8886 resistance- anticipating a stronger move in composite and RUT and holding of this 8886 level..my composite level 1866..
To: +James Strauss (21175 )
From: +IQBAL LATIF Monday, Nov 2 1998 4:58PM ET
Reply # of 21245
My 1130 SPZ corresponds to your 1120 SPX very well, however I would think we will certainly see a consolidation on that level even if we take out 1130 our band for sometime would be between 1130 and 1150- with 1138 as the fulcrum, I would like RUt to hit 402 in the meantime and see what happens at 8886 on DOW, I am looking at RUt moving on to 200 days ma at 445 area and DOW still tied up with 8886, that would be just good enough some consolidation in this area which is a hstorical area of consolidation and some well needed run on RUT and composite 1810 I pinned is my next target, the way composite has move is just great... Going back to our posts 8th Oct is just fun..
message from IQBAL LATIF on Nov 3 1998 3:28AM EST
On breakouts bhumbo retraction is a difficult job, I had given enough warning to these guys at 1498 break I wrote I have sent my bhumbo down to grease, so now on breakouts I just don't technically how to think of a retrectment.. gggg
I would assume market goes up to my levels indicated and we will consolidate between 1055 and 1155 this is my area of cnsolidation but as I have from very beginning out this is a broad market rally and has lot of ateam, it is now may be not just about NOK CSCO or IBM it is about some peripherals we have never seen moving so if it was possible for SPX to stay stable when RUT investor were suffering it is very much possible that bigs may not have that intensity of move and would go thru a coonsolidation as RUT moves towards 402 and than the 200 days MA, if thatr happens I would see composite at 1880 area but DOW still between 8886 and 8600, even SPZ would be just arounf 1145 to 1110...I would look for opportunity in the stocks which are still undiscovered and will soon benefit form a move up, however I will careful and rather cautious to renter new positions on DOW related stock, it is always good to load up when no one wants, this is not the last time we will have seen this opportunity, so ride the trend the broad market trend. |
