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Politics : Idea Of The Day

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To: Jerry Olson who wrote (17851)	4/9/1998 12:46:00 AM
From: IQBAL LATIF	Read Replies (1) of 50167

OJ- You are right the level of put premiums is an indicator of market sentiments. Very bullish indeed however I have always like to work in environment of fear-- something is wrong when put premiums dry up at these astronomical heights. I would rather be cautious. On SOX I still above 288 is a good sign. I am sure we will maintain this level or may be a quick move down to 280 and back up and intraday thing I don't expect close below 288 on two consecutive days however I will still try to avoid shorting SOX until 280 is taken out by my strict parameters i.e. a visit to 260 will be clear if SOX breaks thru 288 I will be protected with SPM adequately-- composite looks like strange to me 1810 for me is resistance and 1792 very much a target for shorts that is where I am looking this composite to settle. Keep a close eye on composite 1810 if that is taken out I will again try my 310 calls. However if 1792 is out I will assme 50 days MA a formality and terst of 1045-450 on SPM. On long side my major indicator will be composite and I am watching it carefully a break above 1810 will be a good sign to go long.

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