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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (23506)	2/24/1999 8:43:00 AM
From: IQBAL LATIF	Read Replies (4) of 50167

I would like one index to be watched carefully if this move of composite above 2382 has to sustain its momentum and if we need to see this resistance been taken out we need complimentary signals from lagging indexes like RUT and DJT BKX. A weakness in all of these should be exploited for a re test of 1252 SPH level. One most important index is RUT-2000. I would also like DJT to maintain the support at 3160. If these supports on DJT RUT 392 and BKX 815 are violated I would like to run for cover until 1251, where I may leg out for a recovery. I think it is imperative that RUT moves up to 828 within next ten sessions, I would rather like RUT above 402 asap if 1278 on SPX is taken out.If RUT keeps lagging I will like to buy some 1250 puts for March anticipating that we may have a false break to test 1251 before we take out 1278 or 1290 on SPH, I know that premium does not warrant this huge gap in SPX reading and SPH. I am using SPH for intra-day long positions and SPX for position long. I would think two closes above 1278 on SPX will give us a good signal to long. If we take out SPX 1278 on two closing basis we go much higher on SPH as I have indicated it is 1328 area. I would think DOW first resistance would be 9646 area.

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