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

To: IQBAL LATIF who wrote (28956)	9/24/1999 7:11:00 AM
From: IQBAL LATIF	Respond to of 50167

Market trading is nothing but about 'levels' here we sit and look back, if our focus was right like NDX SOX DOT our put strategy worked fine, now I did lcose my 70% long put position only due to the fear that the thing bought at 21 was trading at 31, so for me it was too temting not to take the $'s off the table, but the other 30% leg is still on and I will like to see it lifted at 1282 area, and replace it if 2390 on NDX is taken out for small trip down to 2360 area, the fifty day moving average. I will be looking at BKX,and other battered sectors and will like them to sell in a bad market that what happens if those are not selling than buying from side lines will emerge for NDX stocks. Inevitably across the board selling has to emerge from here to take them market lower, however for this to emerge we need some further damage on big stocks and I will be watching closely for that.. I think these momentum days are best days for making huge money (if I am right in my believe that this is bull market continuation)we can test those supports and close gaps on widening 50 days and 200 days mA but is this selling based on slowing profits, I don't think so, any selling in a strong economy based on Yen and weakening premises of $ has no legs, we can see it benfit from it make money from it and enjoy it.. that what i have done and that is exactly I am planning to look at,,, when we had this break on DOT SOX NDX below our 2500 and 1313 we saw it big and that is the momentum we need to pick as a trader. We picked it good and nice and most of my calls on Yahoo Vod CSCO are still higherthan what i pay, ofcourse if i have second lcose below this 1280 on SPX I get out of all my long Oct's.. for damage to be undone ideally I would like BKX above 750, SOX taking out 530, DOT 535 area and Ndx attempting 2460. it will be difficult to break the 2500 until DOW 10500 is out decisively.. however all said and done we are at 50 days mA on the most important indicator the NDX, the DOW hititng 200 day and SPZ hititng the 200 days ma now needs a decisive break of \|NDX below that 50 days MA.. that would need a consisitent pattern of sleling on strength in key stocks and watch out for that DOT and SOX will not stay here at these levels if that pattern develops.. I will think that for me the trade is to look at 1300 resistanced on SPZ and see what hapens next, if we go through it a lot of technical damage will be dismissed as a false break.. fwiw./..