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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (19030)	7/24/1998 2:07:00 PM
From: IQBAL LATIF	Read Replies (1) of 50167

A note to prosterity-- SPU trading is about not following charts but following 'locals' these are the guys who run the stops, make money in volatility-- until fundamental picutre changes the test of supports is nothing but new infusion of blood-- we sit here tight look and define our game plan the whole market totally under our lock and that is how these markets need to be played-- no if and but comprehensive levels well defined strategies and right entry and exits-- one fell like chirping when the game plan is executed according to the script however this is one session 'market opens every day and you need to keep your cash' if you looose your cash the market closes for you permanently-- go in markets without opinions- have your game plan ready on the upside and the downside and execute when supports are taken out- cut if resistances are breached but always keep a cushion of 3 or 4 points like today I saw 1132 on SPX being broken I waited for that 3-4 point drop it was longest few minutes wait and I saw it coming back I executed my trade---- no one has ever won from the markets these markets exact strange rvenge so you need to be nimble and clear headed-- my whole purpose is to make it clear that all this exotic stuff is 'ghot stuff' to trade these markets one needs a game plan to be short when one needs to be long and to be long when one needs to short is the criterion based on which market determines its heros and villains-- bi bi Locals were just ex-runners now leasing seats in the pits they live on lake shore drive half of them college drop outs when you are arrayed against them be like them-- think locals-- it is for this reason I wrote in the morning that 'morning longs' are being led to slaughter house. Some strange aspects of SPU trading.

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