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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (5642)8/11/1997 5:17:00 PM
From: IQBAL LATIF   of 50167
 
Steve- Market review and comments.

I finally closed my shorts at 937, it dipped to 930 around that I saw SOXx started stabilising I went long INTC Sept 100's and sold OEX900 for 87/8 closed at 4. In hindsight I should have covered my short positions at 930 but as a matter of discipline I only got out where I thought I should have on a bounce back. I think this bounce in the end is nothing more than inflicting further agonising pain on the shorts, a second close below my 20 days MA is another confirmation of a market range locked.

Don't establish new positions until market comes out of the woods and that is decisive close above 951 and 385 for SOXx.My position in INTC or even IBM is speculative and originates from my big picture theory according to which Iwill see divergence between cyclicals and techs, however I am going to go out of it once my objectives are achieved.

I think The pits inability to take out 943 was not very healthy, still lot of funny times ahead may be a dead cat bounce ahead of numbers but you will see S&P btw now and thursday testing 925, I am not very hasppy it should have taken out this support when I wrote that things are brewing.
Anyway I will post my tomorrow strategy early morning London time. I think INTC ASND IBM and some other stocks should be closely watched, we are moving towards a market where we will see correction in some stocks but opportunities in others cannot be ignored at the expense of correction.

I am working on two prong attack, I will recommend purchase of Sept 875 OEX or 880's, I think that we may see our levels. Only initiate the puts purchase if S&P futures break 938 or if it fails on 951. I may also add that if S&P takes out 953 I go long for a day or two, any which way it goes I am ready to jump. This is trading in sideway markets and we are just seeing the beginning- wait for these fluctuations to increase.

These are intresting times - trading forward for me is only possible with a downward bias.
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