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

To: IQBAL LATIF who wrote (29452)	10/25/1999 11:25:00 AM
From: IQBAL LATIF	Read Replies (4) \| Respond to of 50167

I am watching bonds carefully the break of 6.36 is not good and it will certainly impact the market... I am watching BKX 792 support and 2540 on NDX.. for me a break of these supports will make me defensive as well as SPZ 1303 break on closing basis would indicate a fall to lower supports and i would assume that would mean that all the gaps will be filled between 1241 recent run to 1310, I would be cautious until I am sure that this bond yield surge is only a result of last night huge 4000 call contracts liquidated by a huge fund, when such critical breaks happen like 6.36 has been taken out it it never a spike until we are sure that it was a false move that is a close above 6.36 does not materialise twice but I can say that this is a grave break and one needs to cautious here. Watch out for SOX 502, DOT 688 and PSE 603 if we are breaking these supports we will head to lower levels. but I would only act as supports give way or bond yields keep moving higher..1331 remains an imprtant resistance but weak BKX will not let that happen, if 730 and SOX 530 are taken out we may see bond retreating and bKX closing above 800-803 resistance... the misisng momentum from Techs and gaining momentum in financials was one of the main resons for rally friday but if BKX is weak and techs do not rally we will see that bonds will bring this marekt lower.. Thanks...