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Politics : Idea Of The Day

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To: Ross who wrote (22008)	12/18/1998 5:47:00 PM
From: IQBAL LATIF	Read Replies (1) of 50167

Ross-- I am long some puts on SPH at 1197 level. I just left them for the weekend with so much happening around you not a bad idea to buy some puts and let them work for you if things get little unplanned. Since my 1750 level on NDX is reached which I highlighted on 23rd and 24th Nov post and reiterated it I have been very careful for me that test of 1600 the 20 days MA never did come, the BKX is still below 815- I am only worried that transportation BKX and RUT should start moving otherwise NDX alone would make this market very difficult to sustain at these levels.. However the fact is that we have closed on a new high on SPH and had two closes above new highs on composite and NDX. these factors alone are very positive but others are not and I am therefore very cautious- I have my core working fine for me and out of the money calls are also helping but at certain point every bull needs to take profits I have done that right now it is a bonus on core but I will not participate in this move like I did from bottom to top- for me this trading move and my opportunity will be to chip in but not get involved neck deep- for me neck deep is four to five times leverage right now the trading account is 72% cash and portfolio is fully invested without margin on both accounts I am very underinvested however I will keep cashiong out 1750 is quite good I am seriously thinking of cashing some more long-term positions and replace them by out of the money calls-- caution is best approach in markets making new highs..and markets breaking new highs also demand more caution like market breaking new lows at 1320 needed a fresh outlook I will be looking for that chance.. right now I am envious of this market strength and enjoying it but not like before-

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