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

To: IQBAL LATIF who wrote (34478)	10/6/2000 3:22:15 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

I think yesterdays level of 1436 and 1447.8 the 200 days MA are most important indicators to watch for the market today, we break this 1436 hit 1432 and break that and we are on to retest of 1415 band, we sustain this support we go higher and the hit the 1447.8 resistance or 1467-69 area on SPZ.. You can notice some kind of face saving action despite of what we call a sell, the NDX was held much better indicating some kind of bottoming or basing if you can term it at 3400 area, the Comp 3880 looks solid and we may see that 3400 on NDX is key to the areas Peace has highlighted.. Probably we may see a higher test and lower test in the same day, but to break donw this support we need more bad news Dell was already prized in the market, SOX recovery was dented by Dell preannouncement, however the fact remains that most important for me is the fact that why the market is unable to take out important support like 1436 on bad day like yesterday amd why if it does take three times that area out holds very well at 1415 area, and bounces right back up, with PG and KO PEP kind of stories abound we may see crucial strength for indexes coming from these out of fashion stocks, as we all know TA is a slave of habits. It will keep hitting the supports and it will always take the path of least resistance. Now what to do in these circumstances. Either being carried away is one, or lets see what market is telling us, it is not telling me anything so far, it is trying to make a break on one side, the wider band is above 4200 on Comp it goes higher and below 3200 it goes to 2700 in between it is dependent on SPX or SPZ.. that is where my 1350-1527 band comes into play, we are in the upper band of 1416 to 1455 and consolidating here and shift from this band will open gates to 1415 to 1350 band with 1382 as a pivot. These are outer limits and sublimits of our SPX and Comp trading bands.. within these outer limits of 4200 and3200 lies several oints like 3380 support or 3800 resistance, market is a like a minefiled we need to draw a road map for a good road map we need navigtors for good navigators we need someone who can read the topography or stars or crystal ball, we here take advantage of our skills to tread these murky treacherouswaters by finding the paths where we may least expect to find quick sand.. If important supports on SPX or SPZ are not tkaen out in triple tests I would assume that we can see a short covering rally as I highlighted yesterday, those who want market to make bigger trading days in volume and volatility have the ability to go long or short irrespective of the individual stocks, I think that it is for this that SPC is important 1436 and 1416 absolutely need to be broken if we move down if not the path of least resistance will be shifted upwards and than it is 1447 and after that 1455. In the interim bands we see that path of least resistance that is obviously down is strewn with potential surprises for the market, we have stocks cut down to size but market keeps rebounding from that 6 months low of 1415.. DOT wants to retest that one year low SOX was hurt badly yesterday andmy watch is to keep a close eye on 1431 today for that drop and test of 1447.8 area on cash,,,add premium on this and you will get the SPZ value..