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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Logain Ablar who wrote (27953)	8/4/1999 7:40:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Tim-- this is my take on this market <<Tuesday, Aug 3 1999 4:45AM ET Reply # of 27953 I think I would like to see the Friday number ideally this marekt should retest that 1282 area, at that area we would be around 480 on DOT and possibly that may be the right time....................>> Now I have yet to see this 1282 area may be by 9.00 on Friday or little later however I think that if these DOT 480, BKX 820 and NDX 2211 breaks tomorrow the second time this would take us to 1250 on SPU within five sessions after Friday, I think that may be this is a false break of major indexes that is BKX below my 820 long time support, NDX 2211 and PSE below 590 or SOX or DOT below 500, rarely it has ever happened that i have got such a clear message of major break, this is a bagger I had 1300 puts on break of 1319 but towards the close seeing such solid signals of selling I squared them for only 1.60$ each put I covered the spread and made a little sum but the reason I closed it was that I have rarely ever got such a strong signal to sell on platter, I thought I will go contarary, I will like to think that these indexes may not remain below these supports for a second day. The trader in me went for what has happened 9 times out of 10, the markets on major supports have shown some resliance. For education and for discipline as not to second guess myself my today's trade was going overnight square. I would like to think that since every one expects a big sell , I doubt it we will get it now. Look at NDX when DOT was 625 yesterday NDX tested 2211, when we were down to 495 I was looking at NDX it was still holding at 2217.. that I thought showed me some interest in leaders where internets are being crucified.I would rather add new positions of puts below 1302 break now and will wait for market to play nice and smooth, my 1250 long puts are doing fine but these are not trading positions.. all this makes me think and revise my outlook but playing this has been one hell of fun.. it always make me think strategies, I hope this one is right.. ideally what is happening is the best thing for this market..a systematic selling from highs that chopped of 10% from Comp, and 60% off Internets.. Now the hard part come on guys the market is saying you want me to go down sell your CSCO's IBM's MSFT's big time//// the market is waiting. give me these shares and I will take the market to 2100 on NDX in no time...... regards and love to everyone at home.. Ike