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

To: Robert Webb who wrote (26020)	5/5/1999 2:19:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

I think my yesterday post was very clear-- the break of 1355 on SPM the first break was false we jumped back up quite quick but second break was steep we did go as low as 1338 however we cloased around that support on 1342, .. << on the other hand NDX COMP DOT are sititng at interim supports of 2100 2500 and 625 they did pull back sharply just last week and than bounced of 50 days rather little lower to get a little ahead of themselves, now we are at interesting point, my experience tells me we will take cue from DOW and the little lethargy we have in the leaders will soon be over taken by some bouyancy, I will not like to long at supports of DOT NDX COMP if BKX RUT DTX start breaking, I see a possibility that all sectors may move forward to test that old highs on BKX NDX COMP and 725 on DOT, it will be at those levels where we will be seeing DOW at 11400 level, so keep an eye on 1378 and 1355, a break of 1355 should lead you to lighten up, I am to be honest have no emotions left in the market, I am runing sizeable positions with out of money calls but trade every break of support. I have no way to tell you that market is about to break as marekt's most volatile sectors are sitting at important supports, until these supports give away no way to short the market, yes if 2500 and 625 gives away even on one clsoing basis, next morning after forty five minutes from opening sell SPM calls and buy puts.>> My strategy remian the same as I highlighted in the above post, I shorted the market on second break and covered it at the supports, however although it was after my coveirng that Comp took out 2520 level but TYX as I was emphasising had given me enough info on state of market at 5.72 we were due to that sell of in BKX, we broke thru that 5.66 area, these bond yields may keep the market in control, I will like to see if this break of 625 maintain its lower momentum, if we close above 645 today I would consider this DOT break as false otherwise the target remains a retest of 550 or 1292 on SPM, keep watching BKX 918 is no taken out 902 is critical a break of that will also give you some indication of further selling pressure. I think that if we maintain 1342 support today and move higher on DOT I would assume to think that money has started flowing into internets and out of old economy, however weakness of DOT i.e. below 625 and BKX breaking 902 will indicate an overall weakness.. Keep an eye on momentum and TYX, if selling momentum is low and TYX is bid we may hold the 1342 support and even bounce above 2500 rendering today's break as false, if we cannot bounce and all indexes remain weak we will move on SPM to 1322 within one session..