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

To: IQBAL LATIF who wrote (14863)	11/20/1997 7:55:00 AM
From: Nemer	Respond to of 50167

Greetings Cousin Ike: I have started looking forwards to the mornings. Never have been much for them. Day should start at noon. Now I eagerly seek your Morning Comments Of course, for you it's not morning---but it is here in the states.....ggg OEX ...879...886...894...898.../// > (906.05) < //...912...920...925... Regards---Nemer

To: IQBAL LATIF who wrote (14863)	11/20/1997 1:00:00 PM
From: Mark	Read Replies (1) \| Respond to of 50167

Ike et al. re: IBM/INTC Shorting against long calls: I am long IBM JAN 110 at 2 5/8 against which I sold NOV 110 at 1/2 which will expire (reduced cost to 2 1/8). Would you: a. sell DEC 110 against them for 1 15/16 now & hope either it doesn't reach 110 by dec expiry or to buy them back for near zip sometime before then; or b. sell DEC 115 against them now for about 3/4; or c. Sell the long calls (Jan) for 3 1/2 and roll into april 110 (7+), 115 (5+) or 120 (3 3/4) and start writing again? I also have INTC JAN 90 at 2 3/8 against which I have written NOV 90 for 1/2 and wonder the same as above with IBM. Anyone have any words of wisdom? I've just started trying this more conservative approach and would appreciate any insights. All the best, mark

To: IQBAL LATIF who wrote (14863)	11/20/1997 8:04:00 PM
From: Dom B.	Read Replies (1) \| Respond to of 50167

Greetings, IKE...hope all is well with u and urs.. Reuters reported that mid-Nov short interest for NYSE is at 3.5 Billion shares!!! A record, so far. Maybe a short-term bullish scene unfolding in front of our very eyes. Stay lucky, my brother, and thanks for your SOXX analysis, as all the components participated in today's lift-off, 'specially TXN...no need to remind that tomorrow is 3rd Friday, OK?...ciao.

To: IQBAL LATIF who wrote (14863)	11/20/1997 11:15:00 PM
From: Bart	Read Replies (6) \| Respond to of 50167

A hearty hello to all my friends on the idea thread! I have been traveling the past couple of weeks and have not seen SI for weeks!-I hope everyone is doing well! I spent the day looking at homes in Cupertino and Los altos today and toured the area. I can not believe the way this area is growing...it is on fire!-My home in Simi Valley is 2800 sq. ft. and worth about 275-300k. Similar homes in this area go for 650-800k!-I guess location is everything. I am looking at a few business opportunities up here and will be back home next week. I hope to be back to my old situation by then so I can keep up with all of you!-I don't know how Ike stays up with the thread while he travels. I just don't have enough hours in a day when I am on the road! The soes thing is a tough way to make a living and OJ was right about that. You can make a living at it with relatively little capital if you are extemely disiplined and don't allow any losses to get bigger than .25 of a point which is opposite of what most people do. Most hold their losses hoping for a rebound and sell their winners too soon!-Even being aware of the tendancy it is very difficult to pull the trigger on losing positions. I have made as many as 40 trades in a day at the daytrade firm. Most of these result in .125 or .25 profits or losses. I have not mastered the mindset needed too consistently make money daytrading yet and I believe only 1 or 2 people that try it out of 10 will be successful at it. I will give it a few more sessions than I will return to position trading with my friends here! BTW-Schwab coughed up 3100 dollars to compensate me for the debacle on blue Monday and tuesday!-This amount was about 10-15% of what they cost me those days but I was grateful that they gave me anything at all. Good luck and God bless to all of you! Bart

To: IQBAL LATIF who wrote (14863)	11/21/1997 3:44:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Morning Comments- My yesterday report holds good for today- SPZ- We took out 960 on closing basis the next step today where do we go from here- with AMAT behinds us and DEll ahead of us -HWP' syndrome I talked about once again showed its viability so much of bad news is built in that any bad news is a good news anyone who has been neglecting this is doing it at its own peril. 980 is a normal target for me a close above 960 is a must supports are now moved upto 948 presumably only if we close above 948 remember technically this is only going to be a double close over 948 if it happens today, I will like 980 to be a resistance on the way up 970 is also a credible level of resistance. 955 should hold. On DOW 7800 break is a classic break go back to DOW perpetual charts draw a trend line adding all the major tops and join the points on intraday tops 7800 was the biggest resistance a doble close over that seals the fate of lot of shorts, for me today is an important day I need a close above 7800 and bonds slightly lower to say 118,14. Bias remains upwards. A break of 948 is a bad sign my major supports are 928 935 940 948 955. Resistance 960 968-70 978-80 areas. SOX- My predictions of SOX trying a 5% higher was on the ball- like my Nekkei turnaround predictions where I wanted to go long for DEC- I think SOX will take out 320 and will slowly form a base there for atleast a week. 311 to 320 will be quite a move but psychologically an important barrier to cross, if you see SOX breaking 305 and closing below you will see S&P taking out 955, protective action is a must but unfortunately the risks entailed in protective action are not area I can cover here. Selling some some DEC covered calls and buying some puts with the proceeds is a safer bet. Wait for a double close below 305. Bonds- I still look at 118,14 as first test of support soon. On upside 120 is lee of a possiblity move down a retracement is good possiblity. Nekkei- Moving forward and marching ahead squeeze sequel one is on- the red dog will barke quite a bit. 16800 is an important level to breach I expect that to happen soon and so will be 8000 on DOW, 10 th Dec package will surprise many, I look back and have referred to it several time go and look at the charts of April 97 move from 750 onwards look at the macro conditions and you will be in with new frontiers of explaining next moves of the markets. I see no need of getting to protective the markets has leaders and direction and my darlings are dancing avec les loups in a perfectly. Bellwether- The less said is better- to predict movements day in day out is a thankless job if you are wrong you are criticised if right it is considered to be a vital part of projection. I am looking back at my predictions and relieved that most of the stocks are coming out of blood bath- my levels of INTC IBM AMAT TXN like 80 100 35 100 are decisively broken will these levels form a great support -yes I think so- enjoy the ride and if you see softness below 305 two times we will discuss a new protective strategy.