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Politics : Idea Of The Day
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To: jim kelley who wrote (29946)12/7/1999 3:47:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
I think if SPZ failure at 1428 is a key point, key points just get established that was my target few months back and after we hit it we were not able to close above it twice and that is important for me to decide if we are breaking out of this into new territory, what I see is that Friday breakout as i suspected on SPZ went and nearly touched my 1455 level but broke inter day below 1445 and now we sit at much lower in two sessions, for me a new breakout in the market needs SPZ clear run from 1428 onwards and this inability is some what disturbing.. I would not mind CSCO IBM HWP ORCL these stocks have not made that NDX touch 3200 so for me I would like these to run and Yhoo type to sell to more reasonable levels even DOT touching 850 would be ideal, probably we will see it but for me my levels are telling me to be careful and that is exactly I am right now doing.. long in CSCO's EMC's out side the monies only .. Yhoo is looking badly over-extended...BKX closing below 800 not good. Index trackers are bidding Yhoo higher they will probably get hit hard..I am raising my level to 280 puts being bid at 51/4$, I will purchase some towards the end today.. a kind of speculative shot on the short side so far it is crazy.. I am looking at this closely but nothing happening I will now try to place it at the high of day..long short is in my opinion good strategy for this market..
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