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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (15916)12/24/1997 11:07:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Japan has taken out 15000 after closing 14994 on 24th now it is trading at 15229 and globex shows SPA at 951 SOX at 257 and MSFT although trying to test a break of 120 intraday closing above 120 at around 123. IBM and INTC showed resiliance but finally gave up to pressure and IBM closed below 100 and INTC at around 70 and change.

Japan inability to probe lower and now a come back from the lows is positive signal and will give some confidence to world markets- MSFT inability as I wrote earlier to close below 120 I wrote a level of 117 to be probed is a good sign but I will thinkl that until 14th Jan it is going to be under lot of pressure. I see that HWP and banks may take DOW consolidation to break this basing action in thin market. This market in my opinion has shown a lot of character and strength by withstanding a lot of negatives thrown at it, is this a sign of 'dying bull' and extraordinary bullishness or legitimate sign of strength underlying this market- I choose the former hype and bullishness has been overtaken by negative sentiments individual stocks are languishing and market has dealt non-performers with necessary justice as well as its traditinal 'no prisoner approach'.

Last night noticing a weaker close I did put a trade on SPA bought 940's for 21 selling 2.5 times puts of 880's at 9- I thought that if market rallies on Friday I will legout of my position without a loss due to size where by I sold 880's 2.5 times what I am long.This strategy has its risk of legging out but I find this very useful in present market condirtions although this is a recipe of disaster if you leg out and market caves in like 28th Oct imagine a single day 65 point drop can put your 880 in the money within a day however if you really think that bottom has been seen this offers a good protection and ocassion to leg out at the right time.

I will be looking at consolidation in ASEA for a while tonight and tomorrow and as we go into trading on Friday find some two positive closes in ASEA as a gift to difficult to ignore. I expect market to reverse from here and have my first level at 962 and 262 on SOX- I still exoect SIOX and Techas to trade above 280 within next 10 sessions.
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