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

To: George Mc Geary who wrote (19140)	8/4/1998 8:31:00 AM
From: IQBAL LATIF	Respond to of 50167

Indexes are backed by stocks-- I was looking at most of them I see with exception of INX all the other indexes approaching critical suportsd the anchor stocks within the indexes are also approaching key supports level- like look at DRG- MRK at 121 key support is 116-- in Software 105 for MSFT trading at 108== SOX most of the componenets are at year low with exception of INTC TXN which are much above 50 days MA-- but MOT and KLAC KLIC VLSI AMD TER are all at the lower end of ranges I just cannot make a case of going short looking at these broad indicators-- I can see break of key supports in stocks like Yahoo but in my opinion the weakness of a long running bull leg is a natural consequence I would be more worried if these markets keep going up-- I would rather like a consolidation here than at a level like 10000 on DJIA-- I see that we are establishing a range here and the lower level of range is abuy and higher level is a sell-- I also think that EMC CSCO INTC Northern telecom- all these RHMs Qualcom which we have been highlighting have shown a charaterisitc strength- I see that we will see a rotation of money from some highly speculative issues into laggards- I think the market will test lows of 1103 but overall I am going to only go long above 1136-- below that will be hit and run strategy- let trend be your friend-- if the markets want to take a breather-- just wait== but above 262 in my opinion SOX and above 348 PSE is a buy for a short run up. The configuration of individual indexes like Tranportation with Delta at a key support and UAL taken a big hair cut I think we will see some bounce-- in my opinion Proctor and Gamble BA ETH MO International Papers are companies one cannot ignore-- I know like IBM we were a bit early but we will make a lot of money if we buy the right companies -- it is all about buying right companies at a discount and I see that between 8550 and 8750 you have an opportunity-- it is always good to watch these excellent companies and get into them at a right level- catching bottom is difficult but identifying a range when it looks the gloomiest is what distincts a good slective investment from poor-- just keep loking at levels 1018 if it holds we go higher.