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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (21878)12/11/1998 3:03:00 AM
From: IQBAL LATIF  Read Replies (4) of 50167
 
ASEA is down as expected but what has just happened is that markets instead of moving higher have decided to first test the resolve of new owners and that is most important for the long term health. Look at NDX the index sits in great distance to its 50 days MA for as move to take this divergence further and open the cleavage further demands first the liquidity crunch to stop diverging the I grade bonds and 30 years TB cannot keep going on seperate paths, this anamoly is not acceptable if it does I think the results would be equally more painful.

We have seen now 1179 being taken out the reaction in Europe may decide the fate of movements today from the initial glance they may sell a bit but it will be down to the market in US, the pits after failing to pierce the upperend may certainly proble the lower end of the range and that is what is it all about right now, subject to receiving a big pre-warning we may see even lower 1130 are or 1140 or to be exact 1138 to be tested but I would think softening of this market from their will take a lot of doing. I have few small movements to note and those key movements will determine the corse of this months action, we are all aware that soft stocks will be more softer as people take their losses but if a new down wave in NDX takes NDX to 1580 the 20 days MA we may see that even the NDX kind of stocks will come under pressure as some of these new owners would rather like to book the loss from some of the stocks which have moved the most so the most vulnerable are the most fastest movers.. I would maintain my caution will keep looking at DOW and watch a close above 1178 interestingly- also 330 now becomes a support and important resistance whateverthe cae may be on the close today- for me some of these indexes intriguingly are sitting on very important levels and the market will try to trap and probe all possibilities.
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