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

To: steve susko who wrote (21007)	10/22/1998 2:52:00 AM
From: IQBAL LATIF	Respond to of 50167

Steve Please note this-- <<For me next leg up has to be broad and composite RUT led...Nifty fifties have done a great job so far the market needs some depth and AG has provided some ammunition to small caps with rate cuts, will someone like to see what impact a 4.6% unemployment multiple rate cut have..>> this was my post in the morning-- DOW 9600 should be read as DOW 8600 an small error considering I spew so many different levels.. 1680 is being expored and RUT also trying to take out the 360 area, softening that overhead resistance.. I would like to see a rally in BKX and transportation developing after this consolidation a bit- in my opinion 1055 support is a genuine support and 1130 the target on SPZ- lets not get worried by the high darama played for crowds every night by CNBC the fact remains that we are building a normal base here if a genuine attempt to 1130 is to be made, composite 1680 is my first target and to be honest I am playing more on composite if you see my selctions like NOKA LU DELL MSFT IBM GE SUNW JBIL TLAB during the carnage it was these stocks I was buying, being told privately 'you crazy nut' now yesterday my firm believe in earnings of MSFT IBM TXN INTC has finally shown that we were on track to go long these stocks at fire price sale, if one loses the opportunity at 1340 level as bond broke in my opinion it is 'bad' name to art of calling and specualting markets move at the end of the day are we all not in art of calculated speculation, is it not important to call the break as I have done since 1198 and call the bottom with reasoning at 1320-- I am not in a hurry I will like this rally to build some base here let it move between 1030 and 1130 sometime even 1018, we really don't need to see a big move in next 15 days it would be welcome but also dangerous to hold lets get the foundation right this time lets get composite going and Rut building up the big base as BKX like CCI showed can beat street even in this worst environment we will see BKX and its components bid going forward all this will lead too a soild market..Transportation in my opinion will do well and I am very positive about Nov first week and the days leading to FOMC, but as retailers come in we may see new leas of life to the market. Let me be very clear I am not a fool to keep expecting market to go higher higher and higher, I will actively trade in between ranges buying the dips and selling the resistances all along, however I would think that 1092 will see some days so would 1118 and 1130- so these can be levels where we can work our trades.. In my opinion I would like that DOW stays between 8200 and 8900 and build a solid base here, SPZ to consolidate between 1030 and 1150 but composite moves on to 1755 level even higher to make new grounds as DOW tackles lower levels until firm direction emerges it will be RUT Composite and other peripheral indexes that would lead to good statements at the end of the month, people who have been receiving poor statements as result of RUT and Composite may soon see some improvement..