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

To: IQBAL LATIF who wrote (29135)	10/6/1999 2:52:00 AM
From: IQBAL LATIF	Respond to of 50167

A re-cap of events from 27th to 5th oct.......the point called 1367 from nowhere that became the support on SPZ..the point on NDX 2360 that held through and filling of gap at 1396-98 area.. all in weeks work... we don't panic, we don't rasie fire alarms we trade and that is what we suppose to do, I look back at the long standing traditions of this thread and that is identify a logical reason than identify a point, explain your entry and exit strategy and don't ever keep quiet when market is running wild, most of my posts were at th time when we had these opportunities at our hands, not to duck them and avail them and move on to the next day is the game we play here with deadly precisions and naturally it is a point of greatest 'thanks' to all who support this unique one kind of a thread...I have been a trader for quite some time but with this thread I am now a different kind of trader and I owe it to my dear friends who have been kind and loving and getting the best out of me.. Thanks 'Idea and the thread' and hope that we keep on doing day after day what we do the best .. Love and regards to everyone who has been so supportive and kind.. Tuesday, Sep 28 1999 3:53PM ET Reply # of 29136 As I started my trading after a rest of few days I opened the account with a bang- very typical of long standing tradition of this thread to identify a break establish pisitions and identify the bottom inter day, now even I don't know that how on earth at 9.09 I thought that 1367 can be tested.. but most important is the relevance of my other indexes and supports taken out.. these two posts shall remain few of my classic posts on this thread for inter day trading.. you just can't time any better or find reasons to short or long.. thanks a million to this thread where we are able to trade and think and devise strategy that what it all boils down, this success is all due to you the readers who have been reading this and aprrecialting this all along... <<Tuesday, Sep 28 1999 9:09AM ET Reply # of 29055 A gap on SPZ will most probably be closed as we open today, we are most likely to test the 1288 support, in my opinion I will take my cue from NDX a break of 2400 would lead me to go short the market any time today however I will look at more evidence like SOX 512 and DOT 624 support, in case these supports are giving away I would advice another test of that 1367 is perfectly possible, overall I see that we are on the lower range of the market and in my opinion any selling ot that support 1267 area is just that little long side opportunity.>> Tuesday, Sep 28 1999 1:48PM ET Reply # of 29056 <<I am looking at this 1364 on NDX on break off 1390 i established new positions third time today, 1260's long puts on SPZ options i am looking to cover them here for me 2364 is higher htan the NDX low made on 30th Aug, we are definitely seeing DOW breaking and test of 10000 and 9800 area looks on cards but NDX DOT SOX are holding fine at 2360 area, 610 and 510 on SOX, for me my core holdings are not impacted by DOW but by NDX so if that is holding instead of getting trapped I would now get out take my profits and wait for this thing to break the Friday's NDX low. or DOT 592, the amount of premium paid on these puts justifies a careful entry and exit as we trade, for me a profitable trade is the one you get in right and get out right with some change in your hand..keep watching for that 2340 600 500 on NDX DOT SOX these breaks will definitely give that new round of selling indication... The market is selling on Gold and is preparing a rate hike in its core..>> The next day as we false tested the 2360 area.. the turnaround at 2360 on NDX exactly at that point, we tested that and roared up.. no break of that eventful 2360... Friday, Oct 1 1999 10:42AM ET Reply # of 29136 A definite short below 2360 on NDX rather even a break of 2378 is playable by nimble players, I am on watch on three indexes one BKX 743 low , the second DOT 641 and NDX 2372 area SOX breaking 502 will give you indication that strong economy helping tech argument is being thrown in dust bin pre FOMC so that will also help in establishing a momentum play on the down side , if these get hit and we see today's low on SPZ taking out we need to buy a lot of puts 1260's... I think we can trade this break if it comes ofcourse every one who has looked at the number is negative! One thing is for sure the economic strength will help corporate earnings but market needs to discount the 5th meeting as such today they can sell hard on news of this strong number but i will only short below my levels, I am watching Treasury to give me intial signal of a break like 6.15 being taken out// Friday, Oct 1 1999 4:29PM ET Reply # of 29136 They were running some stops below 1280 and they turned around exactly at my 2360 NDX point, so actually we have seen three tests of 2355 2360 and 2360 again today, they have tried to punch the hole through 2360 but were unable, same with 1280, so now if AG is smart I doubt he would raise the rates for simple reason asset inflation is out of the door, we are only 3% up on SPZ from the beginning of the year and index funds have really lost a lot, if the purpose of this rate hikes is to have some kind contained 'asset pricing' the policy that Bank of England is also following to tame the prices of the housing sector, AG has succeeded to tame the markets, we have 'three quarters of good earnings' behind us since we last broke 10000 on DOW, this is the pourpose of AG to tame asset inflation he needs to get earnings behind the valuation nad if you look at it for last nine months that exactly he has been doing bringing down the 'expectations' so now that we have got DOW under control and BRK.A down 23%, I would assume that based on manufacturing alone the rate hike will not materialise if it does the market may break 1267 and test 1250 but will rebound as uncertainity is out and cororate earning seasons descends on the market. The multiples look dear but take this NDX 100 out of the equation of P/E multiples and the whole thing looks so absurd or undervalue. we have not been able to break the 1350 strangle hold on the SPX and all said and done we have satill lot of meat left in the market as corporate earnings bring good news, for me my job here is to stop people from getting in non-sensical trades and get whipsawed, like today I wrote early in the day my supports and my levels the purpose was to avoid the kind of useless noise based trading. And that post of gap... to be filled as market set to rally and expectations of a rebound... Tuesday, Oct 5 1999 5:56AM ET Reply # of 29136 If you look back last few days have been quite hectic in the marekts we have been testing the 1367 support and have made higher lows on key indicators like NDX, apart from pre-mature celeberations of markets breaking and other non-sensical stuff we are back to 1318 above that major support of 1310, now it looks that all that noise of last two to three weeks aand post Balmer sell off was nothing more than a correction within a bull trend. I can live with this as I maintained my view that 'please don't get carried away all this is a part of a well organised selling and testing of supports, now for me this is only one calose and we need a second close above 1310 to confirm that break out is clear and we have seen the lows of this correction, I will like to keep a sell at 1313 on SPZ and a buy at 1296 area in my opinion I would ideally like that gap between 1296-99 that is Friday close and Monday opening to be filled, my opinions on AG or Fed for that matter remain the same..like last Friday and Thursday.. Friday, Oct 1 1999 4:29PM ET