To: Captain Jack who wrote (18827 ) 7/7/1998 3:05:00 AM From: IQBAL LATIF Read Replies (2) | Respond to
Jack-- This not the time for someone to jump in internet stocks. I am seeing right now that SPX is trying to attempt the 1158 mark, this is an important hurdle 110 point rule. I would think we may take this out and we will see this as a important support. I do see your point on semis but PSE overall is in a good position. I have reasons to belive that some indicators show me that some money is coming into stocks like TXN and INTC. This evidence on face of it looks suspect that why should money flow be increasing in some of the stocks when thw market in semis is falling. My bias still remains on semis a bit long but I will initiate positions after 255 is once again taken out, no need of hurry. I see DOW objective as 8214 the old high. SPX is prone to set back if composite 1900 is taken out, I will use the opportunity to trade a short trade like I predicted on last Friday. I would wait for bearish bias until 1892 is decisively out. I need to see DOW going from here otherwise SPX will not be able to run alone on internets stocks only. I see an opportunity if 1892 is taken out to buy some puts on internet index. I have proposed it earlier too at a break of 1856 but that did not happrn I will still recommend only if 1892 is out on atleast two closing basis we will definitely in such a condition go down and test the 200 days ma.
