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

To: IQBAL LATIF who wrote (28514)	9/1/1999 7:15:00 AM
From: IQBAL LATIF	Respond to of 50167

I think two supports are important one is 1318 area we have tested this support quite a lot yesterday and NDX 2355 , I would think that if we break 1318 we go and test potetially 1282 area again and even as low as 1250 however I would like a double close criterion for that break, NDX 2330 will definitely signal lower support on SPU that of 1282 so keep a close sys on 2330 area, on the up my objective is 626 on DOT I would think that 580 resistance if taken this time out will lead to rally in NDX and Comp, I am looking at SOX and noting that prices are bid in chips and memeories I still believe that thisis going to be a long term bull market in semis, but semis form quite of bit of over capitalise core NDX that has kept market at these levels at hte first place, I remember so many got it all jumbled up as we moved from 1310 upwards the were calling for NHNL's neglecting that market is being driven by the leaders, so for me I will keep my holdings of yesterday initiated at 545 level on the DOT until NDX 2360 is tested if that level is takne out I will be overall short below 2330.. I see that market is like tied up in the rnage like 900 990 range the lower support sits at 1230 and upper band of resistance at 1430, it will only slow down of earnings and not benign inflationanry threats that will take the market down from here.. looking at things I believe that market will not at all be disappointed on that earnings front.. imagine all this selling is going on fears of slow down if next quarter comes on the dot, and we are sitting at 1250 we will have the most explisive of rallies.. after al on NDX we have been basing for last 6 months on that 1900- 2000 band and we have broekn out of it recently if we break ot of NDX old high we go lot higher.. but all that needs good visibility on corporate earnings that reports on economic front point to me a robust recovery from recession in Europe and Japan and that will result into little price inflation but not enough to create ripples beyond 1230.. so we will see our levesl in my opinion today test of 1318 or 1342 will decide marekt direction in very short term..