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Politics : Idea Of The Day
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To: FJV who wrote (19150)8/5/1998 4:48:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
In context of present correction 1070 double close is important if 'pivot' is to be established, when I first highlighted it on 29th July 19089 post-- a support and test and retest only makes a point credible, if market just passes thru it, I doubt we can call this a pivot point-- like my 1030 prediction from 900 I have this chalked as a ''Pivot point'' within this move from 990 to 1200.As we are in uncharted territory we need to work around some points and it is important for sanctity of a support or resistance that market should attest it- like 1118 or 1092 1103 or 8806 or 8550-- these are my intermediate resistances now.

''for me 1865 and 8806 1118 or 1115 is first step I will decide about a loger term later-- the earnings I project at the end of 98 at 49$-51$ at 22 multiple and softening economy and Europe turning around I would think that 1070 is the pivot give and take few points as next quarter shows that exports to ASEA is not the issue-- give me political stability I give you the market at 1200-- by the way these calculations are very unconventional I just don't know anyone who plays the market like this but me being dependent on very little ammunition has to dig something which most of the charts are missing-- I will only be a bear if 1070 is taken out comprehensively on two finish and we see PSE below 318--at the moemnt I am short I have sold lot of calls which are well out of money and I expect them to run to close and bought some lot of puts so far I am doing well-- my longs puts are backed by short puts 50 points away-- to leg out at the right time-- this trade I put it on today as I hated this close of composite.. With best regards and thankyou so much to introduce me to something which I will look more often. ''
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