To: Curt who wrote (28972 ) 9/24/1999 4:37:00 AM From: IQBAL LATIF Read Replies (1) | Respond to
Curt .. European markets were expected to show similar selling but they have so far open stable, CAC DAX FTSE are down by 1.3-2% however in overall shape of things nothing big, now the worry starts for the biggest of the bears, they have either to see that 1267 is taken out, or 2360 on NDX where 50 days ma sits or a bounce from here will be inevitable, the sell programme of last night was perfectly timed so was our 1313 decison to short or 2500 or DOT brekaing 545 or SOX weakening on the all the counts where I try to legitimise these heights we were hit, but BKX and laggards lik DJT refused to budge any further for me the sell off in NDX and COMP has to continue for that 50 days mA has to be throughly compromised, I just don't see how on earth they are going to get it, with SPX touching 200 ma and DOW piercing through it, to get NDX and COMP we need major selling in CSCO's INTC's MSFT's IBM's and YHoo's .. Right now I am totally focussed on this VOD, I thought it should have opened 5% lower it is only 3% and improving, for me I had i highlighted that one day break is possible and in my opinion it is far too early to pass a judgement but it is going to be the pay time now for the bears, they cannot run these positions , the moment they want to cover we get rally and last night 15 minutes after close sell on SPZ where premium disappeared comletely indicated to me that this huge gap between NDX 200 days MA and SPZ 200 MA can only be filled if CSCO SUNW YHOO MSFT come down to 60 62 135 and 81 so watch out ofr these major movers i am seeing that this will be a diffuclt task for me a inter day test of 50 days MA on NDX and below 200 days on SPZ and I see that p[oint to be 1367-1378 area where we may bounce up, with Nikkei selling at 16800 I see that the whole concept of sell US buy Japan the ground on which $ has lost ground against Yen is now suspect, if I had invested in Japan and not gone out I would be really in a mess now, for me I think that Yen strength with asset deflation i nJapan cannot be mainatained the flight will stop as we will see some serious withdrawls like we saw last night, the intervention by BOJ will come if they see market going on the slides they want it higher... so I think nothing but a block and bul markets need these kind of retests, we are now stuck in htis range on SPZ from nearly Jan..99 or in other words AG was successful he has been able to cap the euphoria... at certain point these stocks become irresistable, we have seen this going on for quite some time, right now at SPX 1280 is a double bottom.. lets watch carefuflly...
