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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: IQBAL LATIF who wrote (7990)	11/6/1998 11:37:00 AM
From: Tom Trader	Read Replies (1) of 44573

Iqbal, thanks for the response If I understand you correctly, what you are saying is that unless some or all of the other averages that you mentioned take out resistance, you would be wary of the the move by the futures?? Three more questions for you: First, which of the other averages --ie RUT, BKX, SOX and NAZ -- do you view as the most important in confirming the move?? In other words say two or three of the four confirm, what would that mean--and is it critical that one or more must confirm even if the others don't do so right away? Second, absent confirmation--I am thinking of selling naked calls on the OEX -- would you feel that selling the 555 or 560 calls would be a good move -- with the proviso that if the other indices do confirm, then I close out the naked position or otherwise hedge it?? Finally, how much weight do you place on the high level of member/specialist shorting that exists at this time -- which is something that presages market tops -- though it can be early and prices can move higher even while this occurs?? I appreciate your help with these questions.

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