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

To: IQBAL LATIF who wrote (16602)	1/27/1998 1:17:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

BKX failed to take out 700 resistance it touched intraday 704 but settled at 698 area- SOX failed to keep above 272 although 268 close is not a signal of a reversal but 280 resitance rather to be exact 277 is area which needs to be taken out if we need to see a move. DJIA 7810 is very important resistance- I strongly believe in a extended base formation the break on either side will take this thing much higher or lower in my opinion I would consider a break on the upside until formation tells me otherwise with HFX sitting at 346 a very critical level big caps weakness will give me early warnings I would like this HFX to close above 346 today and move up from this area a sell off in big caps will hit the market badly I see this position of HFX at present level a sign of danger. ikkei as I write is seeing a second close above 17000 a three months break HSI has already taken out 9000 Korea and China doing alright and Indonesia turning the corner.With this I will see BKX to take out 700 soon and will like to trade on long side above 704 if it stays above- 720 and 734 area are looking some interesting areas to book profits - Oils and SOX 95 area and 268 area are in a potential oversold territory I would like these levels to be maintained rather move higher I will not see a good omen for the market if BKX tests area below 984 Olis 90 and SOX 255- however to make things more precise and run positions based on tighter stops is practically playing with fire I will like to avoid being whipsawed- we need to look at these markets components closely and accordingly device strategies. Components are already showing sitting at critical supports I expect them to hold these supports based on fundamentals earnings and clearing of situation in ASEA. SOX should rally to take out 278 area or 280 a close above that and some of these interesting stocks can be played- TDW broke thru a critical support would like to close above 42 otherwise I will suggest to reenter at 38- HFX should resist this 346 support will probably do so - big caps movement will be a good indicator- The configuration from 91 92 92 95 and 96 and 97 on DJIA is representative of a major base formation and I am sure that when we see this break out of range the move will be swift with BKX Oils SOX sitting at oversold teritory we need to be hit by a big one- mark my words whenever HFX sits on a critical support level it is always apossibility of a big draft based on big news for me I dwelled on my indicators a little more as I will be soon concentrating on macro economic indicators as significance of releases increases with new month approaches. Lets expect some good strong numbers. I am sorry to keep increasing the number of indexes I foolow but at these levels the sharper I want to focus on a break the more I need to colect evidence so far my only problem is withg HFX- I hope that will be cleared today. Bonds I am happy with a full one point rally- I hope with bond yields here and expectations of 8% growth in profits and lot of subisdised competition being thrown out in tech sectors we may see some good supports pushing the levels up.