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

To: robnhood who wrote (17502)	3/20/1998 10:35:00 PM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

Russel-- On opening I talked to my broker who informed me of expected market squeeze since many big accounts were running short at 1060 and had added on to it to average out- my yesterday morning message about need of this accounts to cover as result of expiry and triple witching conveyed the message-- I think shorts waited until the end to cover and that really helped a second close above 1100-- but I certainly see that 1080 and 1118 is the new band and one can easily look for some decent correction here at a certain point when every one start throwing in the towel it is always advisable to buy some long puts and that what I am looking to execute 1050-1080 area some long puts throw in some money for protection but in light of low put premiums I will cover my exposure twice and try to run my core around it-- I am wrong on SOX stabilising however it gives me some satisfaction that this lag will pull SP down and may be 1061 can be tested within next few sessions a bull who gets cocky will cry over lost paper profits me being a modest bull is now caring more about maintaining profits then loosing any. Timing and an open mind are two basic ingredients-- my objective and target of bhumbo is within a strking distance and hence mission achieved means withdrawl and that is an art itself to leave the party before it gets out of hand- one needs to watch carefully for the signs and take advantage off new lofty highs.