To: IQBAL LATIF who wrote (27662 ) 7/19/1999 7:00:00 PM From: IQBAL LATIF Respond to
10204 the DOW tried four time during the session to get out of the strangle hold but could not, I see this is a important barrier ofr the market to breach, MSFT is trading down after a blockbuster number and if market is unable to react on good news it is clear indication that everything upwards and bullish is built in them market, momentum players would naturally not like this they would like the positions to work and if MSFT IBM block buster can be dented than I would think that this market although has set a tone for summer would like to test some lower supports, I think that CMGI DCLIK INKT @ 100 95 and 110 are very close to critcal breach of supports as such further weakening in DOT is in the offing if these key stocks alongwith AMZN and AOL YHOO do not maintain these supports, I would think that we can see a steep selling within next few sessions if 11204 remains unconquered, I see a chance making lot more money on the down side in next few days than the upside, the earning plays are alright but the market is already discounting positive surprises in such a case the path of least resistance and absence of big news next week as major earnings are out may lead to some consolidation, I have prepared for that and replaced my in the monies with out of the monies in case of MSFT IBM to be in the play but with very little, I still think that techs like SOX may see some steeper selling as money leaves the techs and get into other lucrative sectors, like finacials, I see strong possiblitity of financials as sector rotation comes into play moreover I see bio techs and pharmas also in the play as would be transportation, all in all good to realize profits below 2720 on Comp... or 1408 on SPU.. if it hits anytime 1405 just think that we will see 1385 in no time huge sell orders await market at 1394 level, in my opinion that would be ticked up if market remains subdued after IBM MSFT.. which looks most likely even if we have a short rally, it is the perception of 2000 problems that cause jitters lathough IBm denies a slow down but MSFT acknowledges it..
