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

To: J.T. who wrote (16246)	1/10/1998 8:40:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

JT- It is a ten hour time difference 2.00 EST is midnight here- therefore I try to post at a time convinient for me. I am sorry inconvinience caused.I had posted the following early before the numbers and levels are quite clear - the market broke 962 and 262 on SOX also most of other indicators like TXN INTC came off with HSI and ASEA closing below critical levels- on good numbers my expectations did not meet- 980 on SPA is a resistance - aclose below 962 should take us to 943 area early next week a close above 980 will be very helpful- I will bet on long side above 967 break. Bonds will sell one full point to 121,14 area. SOX will resist 262 break even I expect some positive action in SOX leading to first suppport at 275 I will only initiate positions if 280 is taken out on closing basis and not once but twice. A break of 260 on closing basis will require put spread to be established I will anaggressive seller of 200's and buyer of 250 2 to one as I strongly believe that any test of lows will also see a very strong rebound and short positions will be difficult to unwind - 200 put looks to me a safe bet to sell for March and long 250 for Feb a calender spread with an exotic price and size put spread for ocassions like this. In case we see break of 962 I will see major selling in banks and oils- even new round in ASEA crisis will now mainly hit the financial sector, for me diversion of sectors will be very evident if selling pressures persists in ASEA. Lets watch for good action on upside today- if market sells off due to strong number alongwith higher hourly earnings I will take the ocassion to go long at supports. \| Previous \| Next \| Respond \|