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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: IQBAL LATIF who wrote (4636)	11/6/1998 10:08:00 AM
From: Tom Trader	Read Replies (1) of 44573

Hi Iqbal -- first let me congratulate you on an excellent call re futures getting to the 1130 level. This was at a time when noone, including myself, thought that it had a chance of doing so. Like I said previously on this thread, I view your support and resistance points as helpful in planning strategies. I had sold some naked OEX 550 calls much earlier when the OEX was at 531 and once the futures took out the 1130 level the other day, I was looking for an opportunity to protect myself and did so yesterday when the market sold off in the am. Given where we are now, what is your sense and what the is the feed-back from your sources in the pits as to what the upside is likely to be. I seem to recall you saying, some time back, that if the 1130 level was taken out decisively then we could head to 1180 very quickly. Did I quote you correctly?? Also, what do you see as the maximum downside, at this point if we sell-off?? In other words what are the key support levels that we would need to hold?? I trust that you are well.

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