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

To: IQBAL LATIF who wrote (16914)	2/6/1998 11:07:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Is market ripe for shorts?= With BKX making new high Iwould be a fool to suggest this- yes short below a break of support like 1002 on SPA or 748 on BKX or 292 on SOX or INTC break of 85 or TXN taking out 52 but to say market will come down is strange. Every thing goes up comes down and art is to stay with it as long your big picture tell you that fundamentals are intact- A game plan to short is a must- look at your key supports look at HFX 348 as far as these indexes are go just keep going with market- markets which roar on fundamentals are dangerous mix and once' squeeze' is in place which is' pain threshold' far in excess of acceptable level i.e. 'bhumbo' last turn- and bears throw in the towel you find the blastic break of major resistance- anyone whio fails to recognise this cardinal issue will be whipsawed. Never play with fire and short on resitances like now at 1020 if we go thru your puts will loose premiums, bhumbo scenerio is intact watch out for supports to be taken out and short at the right time -we made money riding this great unexpected leg very much anticipated by us but where to short is tricky we will now keep 1002 break on closing basis as time to look for good cover I can see a pull back within this trend to as low as 968. Markets rarely does award to what I call 'blind shots'- you don't get a down draft because you are short you only get it if you are on the right side of the market- every market which goes up comes down and those who have been talking abouta reversal and shorting BKX will now realise the name of the game- since market was reversing from 990-980 area atleast four times it was considered a taken that we will reverse and what market did typically ON Friday a week was to trap every one on short side- now this is exactly kind of thing a chartist will do go short on a down day when all systems are go for a big down opening on Monday we opened a limit up and never really filled the gap- on NAZ SOX and others Iwould now think it is time to look for higher supports you just don't short a market at whim you do it with a game plan and that is to know your critcal supports well- don't short anything until 1002 is taken out if you want to short at higher level and buy some puts lookat BKX let it break 747-8 area get your confirmation right -you want to short look at INTC and TXN if they break key supports smell trouble, perhaps to be mauled so badly by this leg up bears are contented to say that one day it will come down but that is not the game we are playing here the game is to short at the right time so momentum is in your side- I can say go buy March 980 puts you will certainly see the level and make money but before that you will see evaporation of your premiums moreover intermediate put buying or shorting strategy is poor technique always keep some discipline and execute the plan- we need to see lagging indexes get going and most probably theuy would wait for a signal emanating from these laggards ig laggards are reluctant game SP is in trouble here.