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Politics : Idea Of The Day
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To: Getcher who wrote (17517)3/23/1998 10:32:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
See Getcher we could not have timed our purchase and called for SPM/SOX divergence better then this-- atleast from where we sit it looks a step in right direction. Look once again at the charts see where are 20 and 100 days MA's of SPM and DOW are sitting. I would assume 20 need to be tested and this will happen for sure betwen now and June so a long put in June is far more attractive then April's.

In Feb we had two tests of 20 days MA once it touched at other time it came very near and took of -- no market can keep going the way this is right now I will insist for my account June 1080 puts paid 27 and change but slept like a horse -- I have s solid three months insurance and let the market go whereever it wants my profits are solidly locked in -- if it goes higher good for me although I may loose my premiums but nothing in compare to gains from 980 above if it drops I take my puts out at 1065 level-- I get up this morning and find composite to be up and SPM down-- as if we wrote the market script gggg in hindsight may be we are not all that contrary indicators.

I am also looking at 50 billion $'s Fed auction and with Oil above 16$ I would assume that we may see yields back up to 5.95% that will pressure the market further--- so look carefully at 1080 June that is a good insurance.
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