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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (27136)	6/22/1999 4:34:00 AM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

I think the old high of Comp is going to be the diffcult obstacle so would be the 600 on DOT and 312 on IIX, without these we don't go up... SOX is now well in over bought territory and will now retreat to 430 area if we don't go up, however until FOMC meeting we may have a kind of yo yo, the battle is still not over and it I would take my cue from SPU 1355 support ,, IIX 298 and Comp 2575... If we break the old high on Comp and take out 312 600 on IIX and DOT we go lot higher.. on NDX and Comp the frnezy of buying will set in as people throw money to go for that summer rally, but one thiong I wnat to highlight marekt does like to do something different sometime so beware of that too. It is nice to have some fresh positions in htis nice move up to carry them over to next leg is now the trickiest part, ands one need to look at the supports and ressitances more so wehn we are at a point where we might be breaking Comp old high, like the potential possibility of breaking old high we should not forget that we can have equl possibility of retreat a false break and a back down test so two closes for me are must on NDX and COmp. I for one will be very cautiously looking from a move up from here the earnings are going to be great, the FOMC meeting low cut would only help if other economic data is supportive like CPI. The potential of summer rally can ''kick start'' if you look at the ''basing period'' we had since Feb quite a bit of basing on major leading indexes. Breakouts are difficult to capitalise we had one in SOX but it retreated to 407 from 430 before it leapt up crazy to 472.. so for me it has to be the internets if anymore rally is to ocme for that I am also watching for early sign of erosions in Yahoo, CMGI, AOL, AMZN.. these stocks have good supports at 148, 99, 112 and 115.. so if we see this slipping thru and some selling in CSCO EMC and IBM I will like to step aside for a while but ofcourse I will be looking very closely at all these indexes and individual stocks...