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

To: IQBAL LATIF who wrote (28444)	8/27/1999 3:31:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

...<<1382 600 530 and 858ish on BKX are levels to watch if we want to see that 1430 target in next few sessions otherwise I see a failing momentum, a liquidity driven failing momentum market can take a breather to its logical support at 50 days MA>> Why it is so that I have to buy puts and get out of my short puts at the most appropriate time? Only because of posts like above! Now 50 days MA is at 1360 so may be they would hit 1357 or 1355 the low made on SPU on that after Fed announcement, however not until 1384 one can take a long view...BKX is at critial support if it takes out 829.9 we go and test 820 and with Ecuador and Argentina rumours and issues we may see some weakness.. DOT that gap troubles me and I would like that to be filled at 545. Message #28444 from IQBAL LATIF at Aug 26 1999 11:22AM Got out of the BKX and SOX puts for net of 4$ and used the proceeds to purchase some more 1350's.. net average cost of total numbers of 1350's is now 12$'s..and change..will sell some oct 1300's if 1385 is taken out to further reduce the cosat of 1350's....and will leg out at 1400 resistance otherwise if market drops I am well placed.. Thursday, Aug 26 1999 12:58PM ET Reply # of 28448 Look at this interesting formation of DOT.. for weekly extended for 1 year..http://fast.quote.com/fq/newphlx/chart?symbols=$dot.X&time_p... Now if we see this trend over one year if 600 is taken out and we have a double close we are going a lot higher on NDX and DOT the target of 675 is visible if we fail here that will take us back to 545 area.. same with the SOX if we break this 530 resistance we move higher if we break here we test lower supports, right now we have tested twice this upper levels and in my opinion 1382 600 530 and 858ish on BKX are levels to watch if we want to see that 1430 target in next few sessions otherwise I see a failing momentum, a liquidity driven failing momentum market can take a breather to its logical support at 50 days MA. On broad marekt basis SPU 50 days is support in case we are unable to break this upper resistances.. this is most tricky of markets to negotiate and I try to execute my trades in a manner that may find some results from each trade. These cross checks of indicators on regular basis provides me with luxury of early warning, if I see my levels taken out I can have the liberty to sell some puts on NDX against my long puts of SPU or sell that calender spread but since I need momentum I need to see that market move strongly in the direction of my trade, more often than not I like to go in when three or more of my leading indicators give me that signal ..I know I will see my lower levels but still I will not like to loose the premiums paid on puts so I keep scalping from other indexes and look for momentum right now waiting for that move the traps are set the market need to give me the break.. so I move accordingly..