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

To: IQBAL LATIF who wrote (29082)	10/1/1999 3:43:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

finance.yahoo.com finance.yahoo.com Warren Buffet's shares are down by huge margin from the highs of July, now this is one hell of a correction, for me it signals only one thing that if you are not the part of the new economy and claim that you don't understand it, than this market will leave you behind. His disdain for techs and other equities is well known, however, we as small investors should realise that we cannot afford to ignore the momentum sector and the best way to play it is with the momentum, on the side of the volatality, we are looking at NDX 2400 support if we have two closes below this 2400 area or to be specific 2380 area we may see a test of lows like that 2180, so for us we need to take heed from BRK.A and BRK.B shares, if DOT SOX PSE breaks supports like 600 483 598, we need to get out of all long calls until November and play the game differently, if this correction is over we need to closes above 1300 resistance on SPZ, and in no way a double close below 1267 support, thato pens up the whole possibility of 1230 and even lower 1190 test.. which shall correspond to 10000 break and 9800 break on DOW and a low of 48000 on BRKA...If this correction is over brk represent good opportunity above DOW 10550, you are buying something corrected by 20,000 $ from the top of 75,000 $ at 55,000$ or say 60,000 $.. already we are seeing a correction of more than 20% here, although DOW has been corrected by only 10%.. may be it is due to disproportionate correction of COKE's and likes but anyway for me BRK constitutes an important barometer on future of the market, if this keeps breaking new lows we should be very careful but for me i see a sign of promise that may be we are bottoming here but only my short term supports or short term resistance will tell me where are we heading.. Markets are about studying finer points and not raising false alarms, we need to respect what is laid down as supports and ressitances clearly in front of us and make our judgements accordingly. BRK at the moment present a bleak picture but we need to deal with it according to our criterion of superimposition on momentum, i do see a future where momentum may rotate and we as day traders look towards the DOW or BKX as providing momentum and shum NDX but presently we should only back hte horses that are fit, we cannot fall in love with one situation, we are new generation, Mr Buffet.. much as you dislike yhoo's aols amzn's investors we need our 'cokes' too .. after all when you invested in coke it was just a sugared water company,,,gg fwiw Message #29084 from IQBAL LATIF at Sep 30 1999 1:03PM James.. OT................. <<I keep changing the horses that lead me to decide the index I am following, sometime it is SOX others BKX and others PSE.. ... ..................Something in my very banal analysis gives me these levels as they get displayed, at the end of the day they are very profitable that is the bottom line.. I have all these levels like now 2380 on NDX to short or buy SPZ puts square them at 1372 area not 1367, or go long above 2405 NDX or BKX 745 on C MER JPM, or short the SOX below 492 close>> the trade on BKX above 745 in a market that was very strange turned out to be a perfect trade, I will like htis second close above 750 or get out of the trade, so would SOX we have one close below 500 continued weakness today will lead us to 483 area so watch out... DOT break of 635 will not be a good sign if BKX SOX PSE are all breaking I would run for SPZ cover...I will try to fine tune my entry as much as possible, ofcourse if market is breaking through that 1300 I will be happy...