Magic of Idea, few posts but riveting posts, nailing the markets to trades...go to search and print 550 or 725 2504 it is only at Idea.. I do it all the time with precision of a surgeon, no one can beat or equl these levels andIdea once again come out as the thread... we write what is going to happen and not what is happening, we don't get confused by Globex, time and again these posts will remain a classic memory of our thread like 1320 on 8th picking from the ashes and showing the way,.....with targets well in advance.. going back is the only way to know your model.. check the authenticity if it works just go back and see what you were writing amidst carnage..this is what I said..
IQBAL LATIF on Apr 21 1999 11:55PM EST
For me some are good calls and some are just outstanding for me DOT 550 and IIX
supports highlighted on 20th April post were typical example of a trader who amidst
worst of selling comes in and buys the support. I look at the levels like 1292,
1980NDX and DOT 550 they look like music, nice to see the thread longing at such a
low point and nice to see most of us took advantage..
<<IQBAL LATIF on Apr 20 1999 3:50AM EST
DOT 550 has been a major resistance on the way up, whatever one can call this
550 where DOT retreated on its way up, the history of this index is limited and
DOT is litered with big names and successful companies and some with .com at the
end. I would think we had this nice test of 550 area, if we break this today and
tomorrow we may see DOT drifting to 450 but most probably the selling has been
quite steep, the calls to deliver stock after such a steep decline will be going out, the
outstanding shares are limited and if what I am looking at technically is watched by
others who shorted this index we may see a break of 625 the next resitance now, I
would assume that it is worth a shot to go long at these depressed levels, we laways
had this fear that what is going to happen to the markets if internets bubble is
pricked we have this bubble deflated and all said and done we are at quite decent
highs as far as market is concerned, NDX 1980 is tested and 1292 my opft
repeated elvel was tested yesterday a point lower where SPM came back and
closed at around 1302 level, so for me 1292 should hold I think we are seeing a
movement in sectors although we lost a lot of premium on our May calls but selling
DOT outside the moneys helped a little and now we can afford to add at these
levels like I did last night, I will still not sell puts, if EGRP looked at 144 good the
puts 100 were far enough now 30$ in the money, we may see that loss premium in
calls is a loss which can always be hedged against a falling index but in the money
puts are painful and crucifying. >>
I look back at this post look at my previous messages where I highlighted several
times that 1980 on NDX and 1292 on SPM is perfectly possible, although we saw a
drift to 1290 on SPM and 1967 on NDX and 544 on DOT but the turnaround was
equally good, I think a double close above 625 which I highlighted when market was
reeling at worst will take us to 700 resistance, IBM will play very positive as stock
has come up with great earnings, I look back at my several posts reiterating buys and
I can just take great pleasure in seeing earnings setting the tone of the market, I
would think that 1372 on SPM BKX 957 and 437 on RUT are objectives of the
market. Nothing is sweeter than taking victory from the juaws of certain collapse, on
Monday when I was writing DOT and entering new positions the premiums had just
eroded, although I had traded the index down but adding at a support remains on of
my finest trades, in intensity of the move as I made a huge leverage with huge outlay
of the out of the monies was no less than 1310 entry back in Oct, it is at the most
critical supports.
Reply # of 25766
For me now 2504 area on composite where 20days MA has been taken out is very
interesting,
quote.yahoo.com^IXIC&d=3mm
In last four months we have been trading 2300 to 2600, with more than three or four false
breaks of 50 days MA, that is a close below 50 days MA for a single sesion, I consider
this that market having failed to break 50 days MA and still strait jacketed between 2300
and 2550 will most likely take the path of least resistance i.e. upwards probably without a
test of 50 days anymore but likely a test of 2504 the 20 days MA. Markets as i have
highlighted before to break a new level needs accumulation of earnings like you saw in
case of IBM, the blockbuster earnings really laid to rest that Techs are out of fashion, the
market came back up hard and big nothing in it except this huge 'earning acumulation' that
needs to be distributed and manifested in indexes. We have been languishing I think a
move like Nov 98 is in offing here, but I would like to be careful as ever and like to make
best of this move, as always if my supports fail I will get out of my heavy in the monies. I
have only one problem that is lingering crisis of Europe, that weighs heavily on my mind
that has the potential of a two limit down opening.
I think if we consider 2504 as a interim support on a single close below which one should
get out of the heavily in the money positions otherwise let the darn thing run. I would
consider a break of 432 RUT and 1370 on SPM with BKX 935 a clear indication that we
will test the 2630 area on composite and take out 725 on DOT.
quote.yahoo.com^BKX&d=3mm
A break of key supports like 902 on BKX 403 on RUT will be first indication of key
reversal, although in between I will trade off SPM 1355 break and 1342 break or 1328
break.. In a good day strategy about a bad day is always key for a good trader. |
