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Politics : Idea Of The Day

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To: NickSE who wrote (22633)	1/15/1999 1:57:00 AM
From: IQBAL LATIF	Read Replies (2) of 50167

Orbit-- I think your charts are just great, if you remember my BKX trade had this 815 support very clearly highlighted.Sell BKX index at that break and buy puts was my trade if you go back yesterday's posts.. In your chart I see 815 making a very pointed reference point and I am delighted that market points do have some seal of authenticity from simple TA trend lines.. I had written once that is taken out we go lower to 799 and if we break that we go to possibly 750.. I am concerned about Brazil but it will not lead to a global contagion like the one we saw last time.. My trade would be to go long BKX if we see a close above 815. If we stay below 799 we go and test 750 which is the major support, here I would think BKX would be a great buy.. I would think that 690 is an outside level and I am not threatened by it. On WFC and C above 809 I will like to place a bet on these two stocks..I will appreciate if you can help this chart illiterate with your great charts, it will help me refine my supports and resistances a bit better.. On SPH I think if we test 1214 and break this we can go up to 1292 but Bovespa will bounce off ferociously at 4500-4900 level. The exports potential of brazil cannot be overlooked and I would tie Brazil prospects with CRB index if you see that jumping up, we are going to see some buying coming in Brazil today.. ASEA reaction to Brazil was muted reflecting that we are not looking at crisis as huge as Sept of last year, are we going to revisit 1320, yes give me a LCTM and I will give you 1200 on composite.. gggg Right now my targets are a test of 1192 and a visit on upside to 1255 a break from their takes us to 1292 and a break down from 1255 can bring us thru 1192 to 1130 the mother of all supports. This can unfold within next one month and hence my strategies would be sell 1050-1100 puts when markets are testing the lows and buy the 1150 puts when or if market fails 1255.. Rest everything will be a noise it will all be forgotten, tie your trading to BKX a lower BKX will take DOW thru 9000 and that will inevitably put pressure on SPH. I also see that DOT 500 decisive break will take us on internets to 390 area that will translate to 1750..Lot of things to watch and any way money making and market making is not an easy job.. Thanks for your great contributions to this thread- Please send us your charts more often like you did so far for BKX and OSX..waitng and looking forward..

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