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To: Gaston Teran who wrote (13714)11/7/1997 4:44:00 PM
From: IQBAL LATIF  Read Replies (1) | Respond to of 50167
Gaston- The way the shorts are being bled to death is unbelievable, imagine you have a double test of 916 and you are back up to 930 above the resitance of 928 what does it tells you- you have bell-weathers like MSFT moving up from 130 to 131 INTC from 73 to 77 the markets which are shaky have no supports for bell weathers- I was so sure that this thing is going to stay where it is because a businessman cannot neglect the visible- the deflation threat is over so now letsd deal with risings wages but for that you have already taken 800 points off the market so actually 1% interest rise under non-deflation environment is already built up- is US economy strong on its own?- no it is very much an integral part of global economy and by the way it basically runs and is the mainstay of the global economy - yes I am going to be short but when I am short I go naked shorts selling 900 calls and buying 870 puts but right now it was just noice I could hear first the crying and then silence of the lambs being slaughtered in the pits at 916,5.

This is not unfortunately a bull thread it is a thread which tries to avoid 'whipsaw'- strong economy will certainly have some people and gurus who are going to talk the same language what I have raised here today I am bit early but I am sure it is going to the right reading- Nekkei futures were down today because of expectations of further slide, Brazil was 10% down and Market could not take out 916 under these very negative circumstances it should have taken out 910- this for me is a very positive.

Profits- people are worried about deflation and its impact on corporate profits - I think corporate profits will certainly be better we are at a level which 800 points lower then highs so the mountain of irrational exuberance is chislled very finely- we are at a level as if 1996 profits did not exist and here comes INTC giving us some positive, the battle is not yet over but my visiblity is quite clear- at 8000 with these type of economic numbers we would have seen a melt down of 500 points but what can the market do when forward looking market has already discounted many bad news- bears think that market is bunch of 'greed led kids' that is not the case - I saw the people in the pits they are no-nonsense guys for me the close today is a positive close- now it is all to Japan and ASEA - I think they will positively rally on Monday- for them US economy in strong shape is the best news of the year.

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