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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (25630)	4/23/1999 12:17:00 AM
From: IQBAL LATIF	Read Replies (1) of 50167

For me now 2504 area on composite where 20days MA has been taken out is very interesting, quote.yahoo.com^IXIC&d=3mm In last four months we have been trading 2300 to 2600, with more than three or four false breaks of 50 days MA, that is a close below 50 days MA for a single sesion, I consider this that market having failed to break 50 days MA and still strait jacketed between 2300 and 2550 will most likely take the path of least resistance i.e. upwards probably without a test of 50 days anymore but likely a test of 2504 the 20 days MA. Markets as i have highlighted before to break a new level needs accumulation of earnings like you saw in case of IBM, the blockbuster earnings really laid to rest that Techs are out of fashion, the market came back up hard and big nothing in it except this huge 'earning acumulation' that needs to be distributed and manifested in indexes. We have been languishing I think a move like Nov 98 is in offing here, but I would like to be careful as ever and like to make best of this move, as always if my supports fail I will get out of my heavy in the monies. I have only one problem that is lingering crisis of Europe, that weighs heavily on my mind that has the potential of a two limit down opening. I think if we consider 2504 as a interim support on a single close below which one should get out of the heavily in the money positions otherwise let the darn thing run. I would consider a break of 432 RUT and 1370 on SPM with BKX 935 a clear indication that we will test the 2630 area on composite and take out 725 on DOT. quote.yahoo.com^BKX&d=3mm A break of key supports like 902 on BKX 403 on RUT will be first indication of key reversal, although in between I will trade off SPM 1355 break and 1342 break or 1328 break.. In a good day strategy about a bad day is always key for a good trader.

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