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

To: IQBAL LATIF who wrote (19217)	8/10/1998 4:05:00 AM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

Japanese yen wants to take out 150 or 155 before any intervention comes as we have discussed earlier on this page. we are seeing affects of this in China already the market sitting at a key support or 200 days MA if it violates that level we may go down very quickly to year lows. Malaysia, Indonesia, Straits have seen sharp sell off today but on Globex we are not seeing much of an impact. I would like to think that we are seeing in Yen weakness building blocks of move down one needs to be very careful. I think the ferocity of this down move will be contained by two things first the first round of devaluation's have taken away a lot of fat other markets are all sitting at lows and have only 8-15% room on down side, in terms of import potential they have already cut down the most of lavish or capital intensive products to make the biggest and the strongest and the largest. Anyway in context of our strategy I will like OEX to take our 536 the first resistance so is 416 on RUT. I will keenly following 1102 on SPX and for DJIA my first major resistance is 8698. On the down side a break of 1092 will take us back to our old support of 1070, the combination of ASEA and other factors need to carefully observed. Continued Yen weakness can be a trigger of short trade.