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

To: nicewatch who wrote (23762)	2/23/1999 3:24:00 AM
From: IQBAL LATIF	Respond to of 50167

Investor alleys think it is a breakout-- Going long at SOX 392 looks like a incredible play if this is to be believed.. Tuesday, February 23, 1999-Hail to the power of a synchronized up-move, for that is what we got today. We have been forewarning and waiting for this day to come and its suddenness and power was evident right from the get go. We had reported almost daily the feeling that more and more Dow components were shifting towards a positive mode with almost 70% of all the components moving to a bullish posture by weeks end, today rising to 95%. Result:A synchronized liftoff. As alluded to last night the market was charged and all that it needed was some kind of high octane elixir to get it going. Once the tinder-box was lit today there was simply no stopping this unfolding bull market buying stampede as one of the most widely anticipated corrections in history was suddenly and albeit terminally nipped in the bud and hedge funds and major investment houses were forced into an orderly scramble to cover shorts. This is a potentially dangerous market on the upside that could have major legs and once the shorts began to realize their impending peril, they just had to limit their exposure and get out of the way of this accelerating freight train. No matter how well the market performs on any given day, there's always horde of analysts ready to find something wrong with it. We here's a newsflash a 212.73 advance and by all accounts a veritable breakout, is good enough for me. The common complaint today was that the volume was not strong enough or convincing enough. Well actually that could be a sign of hidden strength. After all, if it took less volume to drive the market extremely sharply higher, what do we read into that: We interpret this to mean that it took less volume than is normally expected to move the market much higher than anticipated by most. This could be explosively bullish if the market breadth and volume picks up as we move higher. The other good news is that the more investors doubt this rally, the better and stronger it may turn out to be. The reality is that breadth and up-volume was the best we've seen in weeks and if this train has just left the station and continues to gather greater velocity and momentum, then we may about to embark on the journey of a lifetime, because given the synchronization with the broader markets today, which up until now have been troublingly weak, the giant lever in the rail tracks of sentiment may have once again been thrown over to the bullish side and if we don't get derailed by some exogenous event, the next few days, weeks and months could be riveting to say the least. Across the board, major indices from the Dow, S&P, NYSE Composite to the Transportation and Banks are poised to breakout and even the all important Semi-Conductor Index could close at new all time highs as soon as tomorrow. An exceedingly bullish sign. This index above all looks to be assuming strong leadership, which means stocks like Intel, IBM and others could now be setting the trend.