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

To: J. P. who wrote (21834)	12/9/1998 3:52:00 AM
From: IQBAL LATIF	Respond to of 50167

JP-- We have been right on the tatgets like SOX is the latest where we predicted here that above 330 is air and air it was or the other one 275 if it takes out on two closing basis we will be at 330. Now I am exactly trying to replicate that on a downside move but I have expanded my search like I have included 400 break of RUT as a signal of strength the continued rally in Techs whatever it was it is a tech based rally and it may continue. I am watching DOW very carefully and I think it has to break on one side with BA kind of reports it is more than likely that we may see a retest of DOWS 20 days MA, from that day that it tested a closed above 8375 lot of waters have passed under the bridges and we need to see it moving up from this consolidation. Now me being a momentum player feel quite incapacitated with this drifting moves we capiotalise momentum and I am looking ofr that momentum and I would rather think that is going to come on the down side and not upside.I was predicting on SPZ that it has to test 1180 again it came today and tested it, KISS tells me that retest of 1180 and a close up here will be positive for the market, it is within a move towards new high that old close is breached twice and we come back to the old high to check it out. I will anxiuosly waiting the market action, for me I am well positioned for any explosive move but not an ordinary one as outside the money call premiums just don't so enough without big momentum in side way markets the premiums evaporate. I need to wait patiently this another thing this very well manipulated market has taught me, it never does whatwe think it will, we need to think contrary and as you must have seen time and time again my posting of trading levels on intraday basis clearlyt indicates that market intraday moves are more noise, it is the close we need to watch it is the closing number which what market wants to do and it is closing I will watch to take my next big step.Right now I see amusingly the long calls and enjoy that new lambs are entering the foray when old ones are descending I also see that new lambs have very tended necks that is one sign and the market at this height is showing its sharpest edges, I rather would like good old man sit aside and keep my strategy to catch momentum at the right time it may be a long watch but sometime ordinary returns like 30% annually may not be a bad idea -