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

To: IQBAL LATIF who wrote (17124)	2/24/1998 9:15:00 AM
From: Nemer	Read Replies (1) \| Respond to of 50167

Greetings Cousin Ike: ---->What next? Party or caution- if caution why! As you know, I don't attempt to trade at certain times. For the lurkers who might not be aware of them, and to refresh the memory of anyone who might be interested.......among them are, option expry, earning announcement, end of the year, and various other times, but these are the main ones. Caution will be my approach to the remainder of this week. I can't lay it to any of the above reasons, therefore I must bring into play the deduction that the market is topping out, or has topped out. A pressure cooker will shorten the cooking time and make a tough meat tender in a efficient manner. But it must release steam continually during the cooking process as is evidenced by the rocking noise from the weight on top and spurts of vapor. Should the externally applied heat exceed the ability of the release mechanism to control the internal pressure, an explosion will occur. To me, we are at that point with the market. It's time for some retreat this week, or the retreat, when it comes, will be violent and messy. Some retracement is in order to ensure an orderly and efficient market. This will release some of the steam and make the market safer. I prefer orderly to messy......gggg On another subject, I've had some change in my habits since we last visisted at legnth. My method of trading has changed to solely buying and selling within the time frame of a single day. I've given up the OEX as too pricey on premium, have been making a few trades of the SPX, and am still exploring the SPY and DIA. My preliminary numbers (they WILL change some about 30 minutes into the market day ) for the SPX are for today..... 1026...1032...1035...1038...1040...1045 Good to be back and thanks for the nice welcome Regards----Nemer

To: IQBAL LATIF who wrote (17124)	2/24/1998 3:22:00 PM
From: steve susko	Respond to of 50167

Look like the nasdaq composite won't make 1748 today. I say we give it another day to break that level before calling for a correction. What do you think? Do you see a correction/retracement imminent in the next week or so?

To: IQBAL LATIF who wrote (17124)	2/24/1998 7:39:00 PM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

This is what I wrote yesterday on composite under 'Party or caution- if caution why'- I hope todays market action will show you importance of a double close above 1748- 'Now on composite I am not going to start the big party until if we don't have a second close above 1748- two closes a must and all of you run to 'Gems thread' - to find some good small caps- I am seeing Russell lagging by 10 points to catch up with 466 to break the old hi- so if we have new highs every where on Russell- DJIA -Composite -BKX so which is the only sector lagging- where will the money go---- go and look around if this close comes in tomorrow we are going to break 466 soon and the laggards will run in a matter of few weeks- Oils war or no war leave them- look at others- NOKIA what run! A close below 1748-- I will go short term defensive depending on overall configuration- this I call a 'stalling of momentum 'very tricky and very dangerous.. I have seen it many a times in last two decades and I will be looking and watching at it carefully- I know they the 'locals' will try to rattle it however comes what it may be I would like this 1748 to be maintained tomorrow otherwise it looks to me an emerging and I just don't want spanner in the works at this stage... If we don't close above 1748-- do you know what does that mean-- can someone tell me where possibly we can visit on composite? I hope that most of us atleast on this thread has maintained long core positions but a close below 1748 tomorrow will need a special session-- hopefully we will go through the hurdle but as I always say it is the reversal and fall most difficult to identify and this is the key to highlight today- ' This is now looking and resembling like a double top- the second close above 1748 was not possible hence I will be cautiously defensive until 1022 is tested and held-- I will not intitiate any positions- SOX did not pierce thru my 320 also but composite failure is a clear indication of how important it is to wait for a double close above new high or a major resistance- these intermediate levels save you from prematurely entering at a major resistance now lets look if this failure is not leading us to 1715 on Composite. That would signal some weak sessions for next few days-- I am extremely satisfied that the message yesterday contained clear refrences as to why we need to see a break above- when we are going to see it if it comes and why if we don't close above we can go lower- and I was able to forewarn on 'locals ratttling' actions -- now with 1738 we have a good solid break and I think we will see some weakness to continue and some supports to be tested.