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To: IQBAL LATIF who wrote (30339)	1/4/2000 3:12:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

<< I am seeing the futures down solidly and NDX hit by more than 80 points, we are approaching 1442 support. Selling in Europe is non-specific late yesterday lot of long positions were booked and they need to rattle these new entrants, for me if we see 1439-43 area and we hold it I will be looking at the opposite trade, I would assume that NDX 3670 will hold making today first hour a higher low on NDX, my trade today is tp play 1442 support, I would give and take 5 points from this support and will closely watch NDX and Comp if NDX 3660 is taken out I will wait for dust to settle before I go for that opposite trade...Tuesday, Jan 4, 2000 8:45 AM ET Reply # of 30338 >> I am looking at NDX test of 3666 as I predicted above the level posted was 3670, this is the first wave and if we stay at these levels we need to pick up some puts if Ndx again breaches 3685.. now that we have printed 1446 on sph we will like to see 1442 area..>><< Message #30339 from IQBAL LATIF at Jan 4 2000 10:16AM I think since 3660 was taken out in the second wave, we are sitting at 1428 on SPH if we close below 1428 or around this level I will still close my shorts at 1432 area and leave the rest of correction for next session. This is very much in line with correction mode we have seen in last four years.. this is hard sell but nothing to worry since fundamental picture is in tact.. BKX 700 suport or 692 will probably hold and some of these stocks at JPM 115 needs a hard look for outside the monies and WFC ONE C if 720 is wrung.. I still think that although 1442 is now a resistance we will now see a important consolidation in the region from 1428 to 1442. I am covering my shorts above 3675 or towards the end the market today close would not give any further reason for Europe to sell. As I pointed out from 6.65% we are at 6.56% yield the moment marekt starts falling we get kind of reversal and flight to quality in bonds, the bonds are greatest hedge to these markets.. look at my yesterdsay post..