Reread this message and enjoy...AOL on 170-190 before April expiry a call worth a million..ggg I have to reply a lot of messages to me, PM and others and i am fallling back I want to apologise I will be sitting and doing that in one go once I get osme time, the moment i come to write others issues are so many and so interesting that I miss the replies. please bear with me...
Thursday, Apr 1 1999 9:16AM ET
Reply # of 24979
Juan the target on AOL was raised before yesterday, I would think we will see
170-190 by the end of this April option period although it is not a bad idea to take in
the profit and replace your calls with May 160's... I have done that I was long 100's got
out of them and got in twice as much 130,135's and 140's for April.. I like to keep
reaping profit from heavily in the monies and replace it by out of themoney calls.
Opening -you are very right any stronger opening more often than not is a trap, we had
a soft close last night they would like to close out people like me who are long puts on
the opening and take the index right back to yesterday close, we need this RUT
Composite and BKX to breakout from the resistance points of today which most likely
are 400 and 855, I see DTX can today be a point of focus but preferably I wouldl ike
NDX to take out this 2135 area before I get out of my long puts and short NDX.. for
me I don't like to be trapped and whipsawed, I would rather wait or if the rally is really
strong go long some futures to offset the premium loss of 1280, 1270 but 1270 will be
definitely not removed even if we have 1330 taken out thee are their for insurance I
have forgotten them, one day they may become handy if market over reacts to certain
news.
You see from my strategy that day in and out trading has more to do with a thinking
trader than a 'fossilised mind stuck in time and space', S&P trading or market read is
not at all about market will move up or down, no one can ever predict that it is reaching
an opinion calculated how market will act at major supports and trendlines or
resistances or event driven movements. If Serbia's sabre ratling comes to an end this
market has a 750 point potential to move up, however in situation like this one needs to
keep working on both side of the market. Like my 1228 support and the bounce and
my filling of gap of 1262 or the top at 2535 on composite or prediction of hedge funds
shorting at that level is not from a text book it is impulsive reading of what I would do
with my positions.
Anyone's read on the market is 'net sum total of his trading failures and successes', mark
my words this is million $ advice, anyone's posts is the net results of his trading
strategies, the more complicated and convulated the posts are the more I would think
one is on a compulsive losing streak, for me I need to open my shop every day I chart
my course and work accordingly. I would see if I was a part of move up, I don't dictate
the market and keep myself out of it demanding that let the market come to me, look at
these so-called 'bear' disasters of SI.
See how many times they have called a bear market and how many ocasions they have
played and missed, shorting is a job of big hearted people chicken don't short if you
cannot go long in a clear market how would you have the heart ot short, the point is the
it is all paper trading they never go long on a stock they are neither short, it is on SI to
twist and dance is great and that is how I treat them absolute dismissivness, the bear
dancers who are found rampant on SI.
You don't let your cash gives eggs letting it wait for market to come to you, you need to
take what market gives you, if market wants to go higher follow the trend cut yourselve
below 1262 two closes and keep taking what market gives you, this is what is daily
trading is all about, the people who are waiting for the market to come to them more
often than not are not in positions when market falls as it always traps before it falls,
strategists like me without offending market use out huge profits to place some insurance
bets and that is what we do and play with...
When I write my levels they are visited and hence this shows at 'Ideas' goes on, my
levels are levels and my posts are posts which I can go back and look at in next 24
hours or next 6 months, some stocks like DDX was something I thought was bad call
but most of the time I have been able to pick the right momentum.
Unlike many posts which are unvisitable, mine are always with some logic and some
reason. I don't become absolute you are gone if you become to sure and wait for
market to come to you, opportunity loss is greatest loss of a good trader, you don't just
let pass in front of you.
The market likes humility viv a vis market like I am humble towards market, I consider
my opinions to be subservient to market overall greater design and I try to follow my
market sentiments and trends. I don't ever make this mistake to read the market from
my narrow point, rather market encompasses wide range of possiblities and it will do
what is looks for market the path of least resistance, one can always formulate a
strategy which possibly is advisable in case of certain break but the fact remains that
market is not chartable the closest you get is on in and out basis the reads we post here
with pride, covering both side and being realist about our objectives.
Like always I will be looking at RUt today 400 has to be taken out, I will like 2138 on
NDX to be broken and if we break the old high of 2158 and stay above 2158 for two
days we are on our way to my 1470 levels. If not we will break 1292 and test 1262
and that will coincide with 2015 area possibly, so just keep consentrating on BKX RUT
DTX and DOT a break of DOT for all times below 550 is a danger sign if I am not
available and DOT breaks go for a cover, it will translate into big weakness in
composite a little later.. Love From a learner of ther market////
Bookmark this Subject |
