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

To: IQBAL LATIF who wrote (21855)	12/10/1998 3:12:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Korea had a big rally of 7% last night, the call we made on purchase of Korea as result of SOX rally nearly five sessions back is looking real good. JPN is retesting that 14700-14800 area I think if it breaks on thr upside above 15200 we will see this thing on 15800 soon. The pattern at this level looks as good basing however below two closes on 14700 the index can retest 14200 level however UK BOE are going to cit rates today and UK rates although the empire has shrunk still has global reverbations. I would think some euphoric rally in FTSE if cut is .5%, it is not going to be like last time when we saw a sell off as people were shoked to see the even BOE thinks that the financial crunch demands much more steeper cuts. In LEX column of FT, I was reading an observation that cut can be more the full 100 basis point..by end of Jan in two instalments. I am also looking at Europe in my opinion DAX should see above 5000 soon this weakeness will be soon overcome. Now coming to US when are we going to see the break above 1200 it is now good few sessions that despite of everything we are not able to cross the rubicon, the pits are adamant not ot bid higher they short the market all the time around 1185 and 1192 area- I would think what it needs to break is that bullish 'bhumbo' rally which I am not prepared to release yet. The problem for me is the BKX and DOW the two are just not playing for that big break of old highs on DOW, without financials we cannot move forward strongly without DOW making new highs the global investors fail to see that everything else is already on new highs.. DOW 9375 remains full hundreds of point away if a 200 point rally can break this alck of move we may see some good moves taking SPZ above 120 and NDX to 1750-- SOX will probably test 380 resistance as I explained very early on that the air between 330 and 360 offered no resistance so far the way this thing is going and if 380 is taken out we may see old highs at 400 taken out and this alone may take NDX to our target of 1750 with SPZ on 1230 level. I still cautiously watch for that 1180 support it is holding well and we need to hold this support we may see 1175 tested but it only a break of 1172 that we can go back to as low as 1155.. where they think it is a buy..