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

To: Investor2 who wrote (16923)	2/7/1998 11:55:00 PM
From: IQBAL LATIF	Respond to of 50167

I2- If you take out following charts- iqc.com INTC IBM check them out- ignore moving averages look at TXN end Oct and begining Nov- once 56 was taken out it visited 51 on 1st Nov or 2nd once 56 was taken out we moved up to 61 and than witnin few days on break of 56 visited all time low- now previous supports become resistances in this move- I don't have exotic reading of charts for me 'keep it siple silly' applies, it works fine with me, in my humble opinion market reading is very little about charts and the little it is about charts one needs to keep it simple and straight. I find my chart point holding well and that is a very little comfort or evidence I have for my satisfaction- I wish I could given you some more elobarate read but I keep it simple for me it is the other side the 'big picture' which moves the charts and the sector index weakness invariably tranfers back and forth from sector index to stock and stock to sector index- if SOX is breaking 280 and TXN is making a new high I would rather take SOX break to prevail over logic of TXN coninuing to run and will short TXN considering the upward tick as a last sigh- in the same manner if most of SOX components are showing some reistance at a importan MA point and you see them individually strengthening that is the reversal moment. You will also find my resitance points on INT& IBM using this approach- Like BKX call and execution last week is a perfect example- US banks were sold on ASEAN fears- We saw bottoming out of ASEA and drying up as I was closely watching broad lines of AESA index charts- I could see trend lines being attack in all important bourses I follow- I went aggresively suggesting long banks but why when it was sitting at 690- I applied simple logic if AASEA is turning around no way banks are going to go and break historic support of 690- Now this is how Iapplied my big picture on a good reversal and kept rasing my trailing stop profit. On charts we knew shorts are being executed to overlook this explosive possibility and ignore fundamnetal reality blew on shorts faces- if US banks were sold on ASEA fears than US banks will come back also on ASEA recovery- it was not rocket science simple analogy- that was my basis of WFC call also- I wish I could employ more complcated a system and get so engrossed in signs that I always remain 'may be it is up or may be it down but may be it is not going to up or down' the day I write like this and base my deductions from a very complicated set of systems I will rather be out of this trading business for me thissimple approach and my model has worked and a system which works for you the best is the one which I will recommend everyone to follow.