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To: fourptt who wrote (28365)	8/24/1999 9:56:00 AM
From: IQBAL LATIF	Respond to of 50167

I expect some softness today if towards the end we see a close 1365 plus I will not carry these positions.. on way down if we break 1354 area or SOX 508 I will add on 1330's.. a second close in this area will see new highs on SPu and 1430 comes in play again with DOT objective of 675... or 530 on SOX these are ambitious numbers and I will play them with tight controls,, I am seeing a lot of 110's on AMZN in the ,money and AOL's I am going htru all these long calls and replacing them towards the end of the day if I am having a strong close with out of the moneys, at bototms you pick cheap calls at rallies like last few days you get out of them on double closes like 1365 if we have one you add on out of moneys//

To: fourptt who wrote (28365)	8/24/1999 10:27:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

Unlike me which trade in SPU options the pit traders short outright, they tell me that they are in pain since yesterday.. They are short and they will cover above 1366.. so the tug of war is on, they rarely loose, he was telling me 'yesterday was not our day today they think is possibly they make money.... In my opinion for me it is perfectly safe to add some 1330's at 17 and change if NDX 2385 is taken out, my underlying call positions have exploded in value I told ray that lets use 405 of that uptick since yesterday on buying more 1330's, I have this NDX 2385 point and 567 on DOT and little rasied SOX 526.. I will watch for any weakness and try to play. I will try to go along the smart money so far the trade has not worked but I think it will.. watch out for NDX slippage 2400 is the resistance and 2385 will signal the break below 1356 SPU level.. a double close above 1365 area will close this episode.. of 1330 puts. I will consider the lost premium as the price of premiums for underlying assets like INTC and YHOO and others, at below 567 I will try to get out of my heavy in the money's also.. and later get back in with out of the money looking where we finally rest..if this break comes. one thing is absolute they are taking a lot of pain.. and if they throw in the towel the move from 1366 can be explosive but rarely they do that, they have been short for last three days and have been covering, one of these will be their day..