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

To: IQBAL LATIF who wrote (19029)	7/24/1998 10:21:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

In my opinion although we have opened full 18 points higher on composite I would like to think that on SP{U they wil test 1146-49 area and SPX 1139 area for simple reason to stop out the longs in the morning-- I will like to buy some puts if composite 1944 is taen out and will close the position at 1137-39 level on SPX or 1146-47 level on SPU. I like NOK it has come with phenomenol numbers is strongly up to 90- heading for 100-- ERICSON and MOT will hopefully show us that these will also run. If 1958 is taken out as resistance we go higher to 1967 and 1975 area -- for me we are range bound with NOKIAS and DELLS upgrade I doubt we can see the kind of selling being anticiapted. I am surprised to see that most of our stocks like EMC ASND ALTR and MSFT INTC and TXN's are up this is good sign if you see erosion in AMZN and some of these stocks that will be an early warning of a broader decline-- even take cue from our levels on composite-- 1935 the magic level of 22nd and my new magic level for todays support will be 1132 on SPX-- lets watch the action-- in half an hour the morning longs should be taken to the slaughter house once the pits are done with them we may in the afternoon go higher-- the other scenerio can be that pull up may be so strong that we may not be able to go down at all but compoiste will show that-- I also think as I have trying to highlight since last few days that it is 'cup winners cup rally' and DOW stocks have not won any cup in this presnt round of earning displays so we may have this rotation where the money comes into more productive companies where investors can have the visibility of compounded growth.