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

To: IQBAL LATIF who wrote (18534)	6/4/1998 2:14:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Last night my slant on break of 1102 resistance was a bit pre-mature instead of 1102 our 1092 support was retested and taken out we went back and closed around 1086 level. Composite also came back to nearly the 100 days moving rather below it what appeared to be good bounce a day before fizzled in face of resistance around 1102. SOX retreated and broke thru that 250-51 support to close around 245 area. This a strong area of reistance and any breach of this reistance which was not even taken out on 28th Oct will take us sharply down. I am think that we should in all probability hold the 1740 on composite and SPM 1083 area considering that most precarious markets like Russia and Hungary are finding some buying right here. I see HSI or Hong Kong losing a lot of ground but I would consider this as a manifestation of rumours in the ASEAN markets that China would probably devalue. If this happens we have a new big problem on hand in ASEA and I will like to considerably reduce ny exposure in Webs. I am ofcourse following it closely but China must be facing some export pricing pressure after six months of massive devaluations in ASEA. If this is true we may see the weakness to continue in US markets. I still think that overall configuration of global indexes predict to me that we are within few points from a major support that is 8750 on Dow. I would think that we will have a successful test of these levels like 243 and 1042 but if these levels are taken out on closing baiss the next target is 1065 on SPM and 232 on SOX. I will think that we will soon see some new changes in recommendations on Techs.