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To: IQBAL LATIF who wrote (23322)	2/8/1999 11:25:00 AM
From: James Strauss	Read Replies (1) \| Respond to of 50167

Ike: Very wise words: ""If everyone expects a correction it may not come the way we know it, the markets likes to move in direction of least resistance, a 'general consensus feeling' in a certain direction makes market move that much more difficult."" The current market breadth is not so bad: quote.yahoo.com The McClellan Oscillator shows a series of rising lows: decisionpoint.com Add to this the current Ralph Acampora call of a 5 to 10% market correction, and I'm beginning to feel a little more bullish... : > Some medical stocks like PLC, IFLO, and CCSI look good.. Jim

To: IQBAL LATIF who wrote (23322)	2/8/1999 11:19:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

<<I think at every major support on SPH, the fall will be arrested like 1228 and 1210 or 1192>> The classic example of my yesterday post was that although Accompora announced this 5-10% correction we saw NDX and Composite moving in a huge range from opening higher 40 points to drop during early sessions and a rebound to close above 2000 and 2300..We did come close to 1980 area a break of that support would have taken NDX a lot lower, it was SOX which broke thru that 392 reisitance and the moment I saw that I knew that this is the opportunity to trade SPH on long side.. If INTC and MSFT was not breaking 1236 would not be taken out was my logic based on which I moved and closed out my SPH puts for March. I would think that with earnings being revised upwards and analysts quite bullish on Techs the market may take time to go through our first support at 1228-25 area.. I would rather look at 1255 resistance being tested if SOX remains above our pivotal 402 support. We had several new buy ratings on techs yesterday and this market fueled by tech money is not going to die so easily..It looks like that DOT below 500 may lead some big selling in internets otherwise a reversal from 150 on Yahoo can take Yahoo to 180..Important thing to watch would be 500 on DOT and a plan would need to be in place if that break has to be fully exploited..We need one close below 500 to execute trades on this very volatile sector, a break above 165 for Yahoo would lead us to higher DOT and other internets stocks.. I am watching tranportation very closely for me it is about to give a longterm buy signal as 50 days takes out the 200 days MA coming from the bottom.. this can take transportation to above 3500 level.. On DOW my first support remains 9200. I am looking to see BKX as an oportunity at 750 area, I think we are close to a test of 750 a break above 772 will lead me to go long on this index.. If 12555 is taken out 1262 will be next resistance, for any move above that BKX Tranportation and Oils Health alongwith RUT need to take out this 417 resistance until that happens we would have a very tentativie move.. I will like RUT taking out this 417 resistance and SOX to move above 402 and stay up, I will short the market below 392 on SOX and 1980 on NDX...for a test of 1222 support although the support is at 50 days MA I would think looking at the intentions and stops I would not mind pits taking the SPH all the way down to 1210 in search of new victims, running the stops and makiing people short is kind of national pass time of these locals.. Yesterday after Accompora call a lot of lambs got slaughtered and had it not been SOX focus I would be one of them.. I still think that this market needs a multi- facet and multi sector approach we are only going to go lower if these intermediate supports are taken out until such time I continue to play this market the way I have outlined above... I am looking at China again and I see some nice bottom their too..I was worried about China and nice to note a move up ...