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To: IQBAL LATIF who wrote (27911)	8/2/1999 9:47:00 AM
From: IQBAL LATIF	Respond to of 50167

I expect the range to be between 1325 on SPU and 1338.. on break of 1338 we can see the resistance of 1342.. I think that another break of 2285 and a close above 2315-20 area would be good signal for this correction, we can possibly expect to hit 1388... however I would remain a seller on strength, this is not a bull trend. It is one of those corridors of weakness we need to keep our trading ability at its maximum alert, but nevertheless my weighting in Japan has increased greatly, I am long JPN 200 and JPN 190's for Oct's and doinf fine on them. I will be cautiously buying puts on any strength, I am also raising my cash level from 50% to 65% over next week, slow and steady, I am adding INTC and SUNW on buy and try to go and buy these stocks on weakness, BKX reamins soething to go long at these levels. I would like this market to ideally test NDX 2200 area in next month or so, before it is ready for a good move. I would play some moves on long side a bounce off 580 on DOt to 626 area.. or SOX 528 area, however on SPU my sept 99 puts will keep increasing I have being highlighting it since last two weeks and what I purchased for peanuts are now worth good money... It is asset allocation and distribution at right time that matters, market will give opportunities and taking them on right time is the name of this game. I am looking at some extraordinary values in internets and would certainly go into few stocks as they hit major supports, in all liklihood if 278 on IIX holds and 535 on DOT we should see a good solid rebound.. My ranges on outside limits of SPU remain 1280 and 1388, I will have no emotions in between and will trade as market opens every day with what marekt is ready to give me, so far it has been quite generous..Until 24thAug we will continue to see these movements and these movements are good for a day trader..don't ever follow what the managers tell you or what the specialists tell you, to be short in market takes nothing, it is all taking advantage of the long haul and than reversing to short side that distinguishes a good trader from a 'intellectually rich trader' who keeps lamenting why MU is at 69 not at 9... those who have been unashamedly doing it for last five years now should know that buying puts is easiest thing.. putting is nothing new it is identifaction of break from 1780 to 2800 that matterd these very sorry characters missed it, now I am going to show them how to make money in markets they thought they will make more than the bulls,....