TT- One thing which impressed me during this whole ordeal was that we both maintained a professional difference on markets very clean, although it was acrimonos but both of us tired to defend our positions with best possible efforts, therefore I don't think I will ever differ with you again on any point, now lets go back to basic questions- in my opinion I see now your questions like Isee Mohan's, although we are at different wave lenghts but I need to watch out what he is saying, you and me have I think bullish stanc but similar trading risk profile.
1-No- I am thinking that this is the support- on which we should see a rebound rather I think that we have a tightly defined range. 890 for me the support of SPZ. I expect that dow will have a bigger fall then broad market so SPZ divergence with DOW will bw even more higher, last time if you remeber when DOW was at 7600 the S&P on SPU made 892 as the low now DOW us at 7600 level and S&PZ is at 942
I see a potential of drop in DOW inflated sectors more then broad market tech laden sector. You can fine tune my SPZ support at say 870 may be 700 point drop normally should take 90 points of S&P but due to possiblity of positive divergence between broad market and DOW we may see a test of 6900 with S&P losing far less significantly.
Please let me know if I am clear in other words I expect MSFT INTC to have far less a significant selling pressure then MMM or GE or G.
2- 935 on SPZ is on closing basis, I would see a test of 928 which in my opinion will hold. TT one thing Raj or you can call him Ray tells me on which you have shown earlier your disagreement is about certain market manipulations to ring out the 'stops', you recall 13th Morning now as I wrote I shorted futures on 12th evening we were certainly surprised to see next morning futures opened at 918 and ran upto 921-22 but Raj was adamant that we should keep running the shorts although we were deep in Red- he said Ike this is going to test lows as 'Pits' have to make money and gap would need close, so we waited for that test of 903 where we were told by Uncle Nemer to go long and here I exited at 906.30 my puts and shorts.
Certain levels within a trend a very holy! and I respect them a lot like 920 928 940 949 955 960 these for me are warning signs for SPZ I use them as a core indicator and try to fine tune my finer strategy around them. Please don't hesitate to throw back at me - I will love to reply as you know Iam going to Pakistan and will be busy but will like to keep in close touch with you. Thanks and Best Regards - Your 'devilish' brother Ike- once again sorry for every thing, also thanks for teaching me a great art skip names you don't want to read, my BP has been under control. gg I have put Mohan's name to skip- he never fail to stop 'rung may bhung' spanner in the works of bulls. ggg, . |
