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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (23902)	3/1/1999 9:33:00 AM
From: IQBAL LATIF	Read Replies (4) of 50167

I will watch 1900 support on NDX and 2266 support on composite. A close below this will take break SPH and take it to 1210 level. I see a good opportunity on short side if we see weakness on these supports. SOX 345 should hold otherwise 330 support is the possible point of reversal. I think some of these stocks offer great opportunities, if 1930 is taken out on NDX and 2332 on composite. CSCO ALTR JBL AMAT TXN can be great buys if the resistance mentioned are taken out, if supports are broken, I will only enter on some of these individual stocks for a position trade with a view of 3 to six months when SOX hits 330. My SOX 330 long is very much dependent on SPH band. I will certainly like to see that SPH will hold 1210 and 1192 band as a break of this band takes SPH into lower 1130 -1192 band where 1192 becomes a resistance. In case of 1192 break long SOX positions can be initiated at as low as 302 level if it reaches that stage.. BKX 802 DTX 311 PSE are indexes supports I will closely watching for that broad selling, if these supports are held and we see continued divergence in indexes like DTX and BKX I will like to think that market bottom is reaching. For market to break big these indexes need to give up as NDX and composite weaken. it is true for reversal also if this market has to take out 10000 on DOW we need 50 days ema to hold on NDX and composite . It is possible that in lower band we may see some further oportunities to get in these stocks some what cheaper. If you need to add a position instead of market wait for that resistance of 13 days EMA on NDX and composite,this market goes nowhere without NDX and composite. If this resistance holds we will see market lower.On short side my strategy is to watch for weaker NDX and composite, that will lead to lower SPH and I will propose if weakness persists a long put trade on 1180 options on SPH. I will like to cover my long puts at 1208-1210 first,re-establishing them at break of 1202 to cover them at 1284 intraday area.

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