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Politics : Idea Of The Day
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To: steve susko who wrote (18275)5/5/1998 5:56:00 PM
From: IQBAL LATIF  Read Replies (2) of 50167
 
Steve-- This was my market report today on opening action-
'Market today- my levels are to buy some puts only if COMPOSITE breaks thru 1870- I was watching this action of SPM in my opinion it may trend higher if inable to break this 1122 or 1118-- watch out for composite level of 1870 this will herald break to 1118 on SPM.
i am looking at SOX action and it is moving higher my TXN is also strong until you see some big time selling in MSFT INTC and IBM type stocks or my 10 bell weathers the bears will just keep losing money on meaning less trades. Keep an eye on INTC 80 MSFT 87 IBM 115 GE 811/2 if you see cracks -- go for that short trade otherwise chances of being whipsawed are high.

I am sure if SOX takes out 321 the trade is long here, I will like to see SPM moving back up to 1130 to probe and cose above 1130 today that will give Techs the green light to move forward.'

I saw that Composite breaking 1870 and as I expected SPM came down to 1118 but SOX remained very convincingly bid rather it came briefly down to 316 and went back up to 319-320 area-- but it drifted lower to 317 in the last few minutes, I was looking today to go for that long trade above 321 SOX- moreover I saw nothing in my bell weathers to permit me to go short. I have bought some 1060 Junes for 10$ and change subsequent to yesterday post but today it was just few small trade on future once 1870 was taken out otherwise I added nothing im my puts to what I added on a good up day.
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