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

To: IQBAL LATIF who wrote (30086)	12/15/1999 10:27:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

An opinion.. <<Yesterday's 32 point decline in the DJIA was not really representative of the damage going on in the broader marketplace. The Nasdaq 100 and the Composite got hit for 2 1/2 and 2% respectively, the NYSE had net, 1000 decliners on the session and the broader Value Line Index was down the equivalent to 90 DJIA points. It was the first day in quite a few sessions where most of the momentum names were down 8-10 points and stayed there. Yet, no matter how negative things were Tuesday, the DJIA does have first support only 100 points down from the close at 11,160, and I think that will hold the line. The DJIA remains in position to re-engineer yet another blast-off as long as the 10,950 level is as deep as the decline gets near term. With Microsoft looking to get into the game here, anything is possible after it's 6 month's of basing. If it wants to run, for whatever reason, the stock has big potential if price and volume start moving to the upside. It still remains a game of buying only relative strength/momentum names, as all valuation measures have long since been thrown out the window. As it has been for the last two years, is currently, and will be until this leg of the bull market comes to an end, value is out and only the highest of flying/large cap names can truly outperform. Dumb, but true. >>

To: IQBAL LATIF who wrote (30086)	12/15/1999 10:51:00 AM
From: J.T.	Read Replies (1) \| Respond to of 50167

Ike, thanks for the read and trading Ideas. Santa Bhumbo wants to deliver a special rally cry. Market bends, but does not break. As you know, BKX is my key index. BKX 768.50 support must hold now to get this bounce thru BKX 778 intraday today. It is ready to turn the corner with break thru BKX 778 intraday today to get us to BKX 788 resistance and will confirm the reversal. This from MITA 2,002: ...<BKX UPDATE: DOWN IN JUNGLE-LAND. Or BADLANDS? Springsteen. Well, we got a full boomerang effect from BKX 774 to BKX 801.80 Intraday high and back to this BKX 772.74 close today. Now What? For starters, New resistance for MITA is now BKX 788. Then BKX 795 and then BKX 808. Two closes at or above BKX 808 which is this 89 day MA and the market will finally let Santa Claus deliver the goods for Christmas. BKX Supports need to be tightened up. First, a second close below BKX 775 is BEARISH and if this second close, combined with even higher bond yields tomorrow and lower UTIL and TRAN levels and it may be time to close up shop for the year on the Bulls. However, I don't believe all of these parameters will be booked tomorrow and Santa really wants this grinch to go away for this short while. Nevertheless, let the levels show the way and market be our guide. New BKX support is BKX 768.50. Below this is BKX 752.Grave support is BKX 737. Note that BKX put in this lower bottom seemingly long ago on OCT. 15th at BKX 709.85 before we spiked up. One close below BKX 752 with lower closes in UTIL, TRAN and higher bond yields all in same day vs. previous day and it is HIGH TIME TO EXIT THE BULL THEATRE. PERIOD>... Best Regards, J.T.