To: IQBAL LATIF who wrote (28818 ) 9/15/1999 10:27:00 AM From: IQBAL LATIF Read Replies (1) | Respond to
Market internals are very bad that is one problem with this market, the reason being every thing in Financials is down and same for what Mr Buffet stood for so far the Cokes of the world, the drugs are not doing to well to, so here we come open our old pandora box and take out the old mantra that since NHNL's are showing weakness the market will sell, but the same guys have been getting these signals since Aug 21st, so just forget about internals and breath we are exactly sititng at a confluence if I go by recent history we need to see what happened at rally from 1310 to 1720 the same argument market breath is no good, than from 1800 to 2300 the problems were different as market breath improved but internets became too speculative, now we have air out of most of the Buffet kind of stocks, people need drams, fabs cannotbe constructed overnight, so we have a tech based rally this is one reason that since last oe month I have SOX PSE DOT taking lead in my analysis, BKX as fund managers gather to analyses this rteport today will pick steam, world economy is on the up and in y opinion 'US corporate profits' will be the biggest benefactors of this IMF study that says that world is on the role now.. For me $ vis a vis Yen is a buy here may be we see 100 just that psychological level to break but in 6 months I will rather be short of Yen and long of $ and buy the TB, that carry trade is in the play, it would take some time but for Dec contract we will see it in the play, long TB short yen..Overall for all practices I am seeing that SPZ will hit 1430 by next two weeks, if COMP has made a new high why not SPZ, after all the drugs and financials with transportations are ready to go, the Oil in Kuwait people who matter tell me is manipulated. I have been long on this one but no more.. With market cap concentrated on fifty stocks of NDX or say NDX I don't know how much relevance 'breath' has anymore or for that matter NHNL's, the real money is in the core asnd the core is making new highs and the people who own the core are not ready to sell, so if we have every ones money in 401'
