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

To: Bo surfs who wrote (13952)	11/11/1997 2:41:00 AM
From: IQBAL LATIF	Respond to of 50167

I think if you really want to pin the reason of so much pessimism it all stems from all kind of scnerios being painted- voltality is high and Techs are being batterred however the overall market needs to break this 910 support even to suspect we are going to see a double bottom or a low at 6900 intraday- for marketr to go thru that we need a major change in interest rates earning prospects or Fed Policy on none of these counts I see a major change ensuing- it is about market getting somekind of reassurance on capital adequacy of foreign banks moreover some confidence that Japanese have found a bottom and will rebound from there- this is not the first time SOX has been battered the last July 96 it went as low as 139 and since five months we have seen a consolidated run- Tech has lost appeal for investors I think that may be the case but if this market needs to break further you will notice Tranportation Banks Drugs and Oils to take out their 20 Days MA- if that happpens and you need to be very very nimble you can go for some protective action. I will strictly play by what for me are the rigours of this trade- first not to panic and second to observe the test of 910- before we talk about this bear market why not to take a minute and see where we stand. Normally S&P should already be at 890 not 827- for me bonds will soon give up alongwith that will come a better visiblity.