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To: The Perfect Hedge who wrote (27878)	7/29/1999 12:39:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

I am looking right now that NDX should take out this 2283 area decisively..it is having problems at this area since last few hours, if we fail to take this out we go and test 2230 area and eventually 2211 may be the test for next week. Until 6th Aug when unemployment data comes out we will have lot higher volatility.. I can see until that time a test of 1328. The market is laying too much emphasis on ECI which is the steepest increase ofer 8years but from what basis? Last quarter was very depressed, falling wages in growing economy does not bode well, like falling prices, we need some wages to keep economy moving ahead.. GDP report is god but market will do a big damage if supports are taken out today, we will than see lower tests, at the moment I see 2211 is a possibility, SOX PSE DOT are holding but if they break we go sharply lower and that is what I am loking at.. I will close my long options if SOX PSE DOT go thru 495, 590 and 559..

To: The Perfect Hedge who wrote (27878)	7/30/1999 4:49:00 AM
From: IQBAL LATIF	Respond to of 50167

Beeblebrox, backtesting of levels is the art and name of the game.. when all hell was loose you asked me.. Beeblebrox* on Jul 29 1999 12:23PM EST IQ-- What support are you looking for on the ndx now? Thanks..B* My response was.. <<I am looking right now that NDX should take out this 2283 area decisively..it is having problems at this area since last few hours, if we fail to take this out we go and test 2230 area and eventually 2211 may be the test for next week. >> By the way we tested 2230 and to be exact 2227 but the support was held, similarly 2283 point was the cap, the moment we broke thru 2278 the fall came in the steep one... Yesterday the rebound of SPu came not at 1350 which I thought should be it but below the next point that 1339.. we closed up at 1350 but over all in a fast market where mantra's and premature dance begins, this thread never leaves objectivity and purpose of our being her in the markets. This is why I call it oassis amongst chaos..gg Nice to be confident and cocky than be unsure and running for the cover when real one hits.. I assure you this is the closest you can get on regular internet forcasts, this is not about good calls, it is always about understanding dynamics of the market and knowing the real impact of stories hitting them market, my readings are by product of much more comprehensive approach to the market, the numbers real don't matter they get ringed great but the real thing is understanding the reasons and trading with right conviction, in yesterday action we saw break of 1350 we had salvage plan a trade of future to save option premium and lot of levels. Thinking trading does help..