To: Ross who wrote (21035 ) 10/23/1998 3:11:00 AM From: IQBAL LATIF Read Replies (1) | Respond to
Ross-- Thanks-- A close above 1080 and if we have a second here it would confirm my level of 1130, I am looking at a new possiblity here, just want a confirmation from today's action. I had written many days ago that 1680, 360 and 8600 also 1080 are levels which need to breached on closing basis, this is my synchronised approach of predicting bounces and breakouts, I use to add ASEA and Japan indexes alongwith Europe's CAC DAX FTSE, but right now I would think that NOKA earnings will set a good background even GTW whatever side you flip does not look bad, I would think we move towards my 1755 level on composite also 410 level on Rut, why can't for a change we see DOW languishing and S&P composite leading the charge, again this is entirely possible as Tech based rallies have disporportionate impact on DOW and SPZ.. So look for divergence here, like RUT breaking down was indicative of an impending move down even a quick one, RUT move up alongwith composite my pretty well leave DOW behind, 1110 point move up can herald retracement, but for me my exposure is in composite and I am playing by that, notice yesterday a glaring anamoly at one point DOW was down 100 nearly but SPZ never really broke that 1067 level, so is the tail wagging the dog. For me market as you have very rightly noticed is about supports and reistances, lets wait and see at 1055 support what happens, we will hold this support on composite my level is 1655- if I am closing below it I blow out my positions to reestablish again at some appropriate time- so my cue is not from DOW anymore look at more closely the indexes which are moving higher and lets stick with our plan. Too much fine tuning and expecting correction for the heck of it is sometime counter productive. I have only one measure to sniff the change, have the ground realities change, yes it was a painful blow to quite some egos to see DOW 1100 point higher from what seemed to be a eternal abyss, but market does not work on mass polls, if SI had huge bearish sentiments good for them they learnt very painfully that mass sentiment is fatal, don't do what everyone else is doing, it is this bedrock of orignality which confounds my critics, my new vistas, keep thinking, for me the game is change this whole balance in your favour with best calculated guesses, just do it. Read in between the lines, and read what the big picture is telling you interpolate it on the market movements. So far I have these levels I discuss all the time, if any are broken I will look at that break very carefully, I have to afterall this thread sets the trend and tone of many a threads, issues I write here will soon become talk of SI so I have to be little careful..gggggggg
