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

To: IQBAL LATIF who wrote (30322)	1/3/2000 12:13:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

I think we are looking at typical test of supports, market was expecting a strong rally after Y2K worries finished nicely. When every one expects a rally this market moves opposite probably this RUT 688 and 1458-62 on SPH should hold, like the old high of DOW if the old high of DOW which is now a support holds solid I would expect RUT and SPH to reverse. I will like to use bonds as a hedge for a fall in the markets, I would assume that 6.57% yield is important to watch and if we see market bottoming we may see bonds and market moving in opposite direction. NAPM prices paid is raising concerns, however I would still think that 1442 is a very solid support and it will take a lot of doing to break through it, for me the trade is a long one somewhere here on SPH with a stop at 1455. If old high on DOW is taken out I will like to wait for double close and break of 1442 support to start looking at the other side od the market, we can see some important selling but as far as NDX and important key stocks are holding we will see that overall the impact of a strong 1999 and containment of Y2K doubts will help the markets, bonds are in my opinion heading for 6.75% for sure and that is a area where the bonds will be extremely oversold..