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

To: The Perfect Hedge who wrote (26400)	5/21/1999 10:52:00 AM
From: IQBAL LATIF	Respond to of 50167

Lets see if IIX holds at these levels, if 615 is taken out on DOT we have a case of short in internets, the problem with most of these stocks is that they are momentum stocks, lot of momentum players play it heavily, they loose premiums and gain premiums like a taxi meter, perhaps since last few days the market is locked in a range, this is exactly like what we have seen earlier also when market wants to consolidate at highs. These stocks do not trade on retracement or on a model I would trade them based on two indexes like IIX and DOT, if the index supports are held we will see above 632 a lot more interest, above 652 is definite trend to 700 but lets watch what happens here, if supports are taken out we can see them retracing further but some stocks are better than others like AOL or SCH or ATHM or EBAY will do good. The internet banks are at the moment not included in my universe, being a momentum player I would like the momentum to be seen before major price moves are expected , it is pure ''speculation'' and as such volume will be the second sign after a solid break of a resistance, leaders should base and take off. Unfortunately when leaders are lost in valley of notalgia and trying to find support we can just expect that other peripheral stocks will only adjust if leaders settle first. Watch out for EBAY ATHM AOL SCH for internet move or IIX bounce off 315 area otherwise DOT and IIX will find the support where momentum players jump back in for that quicj buck to be made.. For me I am watching 2555 and 2515 on comp as important resistance and support areas.HWP looks a definite good trade..above 2555 on comp...