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Politics : Idea Of The Day
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To: J. P. who wrote (22974)1/27/1999 10:30:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
JP- Nasdaq would have corrected long ago had it not been for this internet mania.. I would like you to look at this chart a little improvisation on your weekly chart..

iqc.com

I think the point to fill is that 1900 area.. I would see that for sure when I would think once earning season is out and we don't have this ritualistic internets making new highs...The base of Nasdaq has cinsiderably moved up the componeents like MSFT are trading at 180's and IBM's at 175's so for NASDAQ to drop to the level I am forecasting the news have to be real bad, something like 'inflation worries' or huge selling in internets where they trade at a P/E of 70 or 80 instead of 500 ggg. I don't mind right now but in context of market all these things need to be seen... I will also think that it will be NDX which will give us the lead. These two indexes have led the market they will certainly test 100 days MA for sure, about 200 days MA I am not sure a patience man shall be rewarded but one needs to sit tight for entry.. I will only enter on huge selling lke I did in internets .. otherwise just wait and see...The only different this time is that we have interest rate environment which is far lower ,we economy which is growing and we have inter nets which are making the market look like LasVegas...Enjoy until the feast lasts..
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