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To: Barbara Barry who wrote (19026)	7/24/1998 12:30:00 AM
From: Roebear	Respond to of 50167

Barbara, You and I were on the same wavelength on those calls, thank goodness; looking forward to action tomorrow after a sound sleep<G>. Sleep well, Roebear

To: Barbara Barry who wrote (19026)	7/24/1998 2:42:00 AM
From: IQBAL LATIF	Respond to of 50167

It is simply amazing to see 1935 in my post of 22nd as a target if we break 1155 on SPX and seeing composite closing right on the mark- again this is the first time this support on composite was mentioned on SI as a support, nice to see that levels are again being respected, no use of reading markets if levels are broken unannounced and without warning. The success of a model is reading any market to its closest points, nice and reassuring to see that we are doing it with regular frequency. My report on 22nd July-- ''I have seen these kind of things far too many times-- the 1155 support is maintained but I think the most positive was test of 247 on SOX although 247 on SOX was tested the rebound to 252 was equally impressive-- this CA thing is one off thing or if we have another surpprise but none of these things have got the kind of potential to take the market down like IBM CSCO INTC or MSFT-- look at the broad market my bell weathers for me the spread is useless until it closes below 1155- I will not leave my portfolio withou hedge if 1155 is taken out if that happens otherwise I will buy some more puts expecting that my 1967 support is broken- I am sure we will close above this support otherwise this leg can take us to 1935 on composite-- I will think that 107 divided by 2 is the 53.5 is the correction level but sometime we overdo it-- '' Above is a classic example of an excellent read of future events here are targets if supports are broken it is this art of reading future which makes this experience on this thread a worthwhile exercise. One has it own biases but in markets the most important thing is not to be carried away losing the site of what is on the other side of the divide- 1998 1967 and 1935 are new introductions you press this in search box (full subjects) and you find that it is here on this thread that these levels are discussed and thrown frequently. Barbara- I think corrections within a bull market are humbling reminders of what goes up comes down, it also reaffirms the strategy that to take advanyage of a situation one cannot be married to a long or short side of the market-- the first thing is to be with trend as I have many times recently written on this thread 'trend is my friend'. We are in bull market and that is a trend within this trend it is normal that we have corrections as low as 50 days moving averages or even a test of 200 days-- we have seen at 1815 on composite enough demonstration of that and a rebound also took us to 2028 a move of 213 points on the composite-- for me the correction could be possible from breakout of old high that is 1921 to 2028 a 107 point move a 53 point correction or a extended correction of 75 points we are right now at a critical level on composite i.e.1935 \i wrote last night that if JPN stays above 16200 we may see a test of 1132 however I think we will see a good bounce from here within ten points of composite support. It will not be out of sync that we may see a correction of 50-60% from the original move of 200 days MA rebound that should translate to 140-155 point move on composite but lets look at immediate levels and I have 1118-20 area as an important area on SPX which I wouold think will be a very difficult support to break this needs cracks in CSCO INTC and the other companies like AMZN and Yahoo- I watching now closely action of these companies and any break of 813/4 or 58 on companies like INTC and TXN will indicate that we are in for a bigger correction that may rebound only from 1864-1882 area, the possiblity looks remote but it all depends on earnings on the street, I would think that DELL moves higher and even GTW might be spared of ruthless selling despit of bad numbers as June showed good momentum. I will like to go long if 1958 on composite is taken out comprehensively on SOX 270's-- I will cut below 247--