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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (23505)2/16/1999 8:45:00 AM
From: IQBAL LATIF  Read Replies (5) of 50167
 
This support of transportation index shall hold..
quote.yahoo.com^DJT&d=1ym
A break below 3054 or atleast two closes below 3054 may take us to 1080 area, but in my opinion one needs to look at this support and expect it to hold like 750 of the BKX did..200 days MA and 50 days MA confluence are most trickiest to tackle and most rewarding if you get it right, here I see a long trade on DJT with a stop loss at 1210 on SPH... A long call with exit if 1210 is taken out rather 3054 on two closing basis. I see $ strengthening and most of safe haven currencies losing ground against $ like swissy and sterling, Ministry of Finanace in Japan announcing the buying of Govt bonds from mid March and I am watching banking results in UK with interest it sum of is all telling me that markets may not sell rather DJI support at the 20 days ma 9270 or 50 days at 9100 shall hold..This watch is a bird's eye view watch and needs to be very carefully looked at as new mantras to resolve the direction and next move of the market does not seem to be in short supply..

RUT should show some signs of movement but taking out 402 resistance, I expect that to happen, if 9100 and DJT 9054 and 390 on RUT is taken out I will think that we get down to 1192 area in first step and may test as low as 1080 a major support..on SPH.Global indicators alongwith US indices are best tools to play this market..
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