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Non-Tech : MBK---------Bank of Tokyo Mitsubishi Ltd -- Ignore unavailable to you. Want to Upgrade?

To: Lucretius who wrote (29)	4/4/1998 12:08:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 170

It is game of leverage-- once the market breaks new high the whole emphasis shifts towards the long side like a runaway train. It is for this reason you will see a equally huge setback once key supports are taken out. I am sure that we see 940 even 930 during next few months. Look at move from 770 to 990 we had several corrections to 900 but one as low as 845. Now in this move up which I call a 'bhumbo' we will see and have already seen 1130 as a target which I had on break of 990- now excessive bullishness and leverage of hedge funds can easily push this thing to as high as 1150-60 level the gap with 20 days keeps widening and the party is on. I will run my portfolio right to whereever it takes me but I will keep adding new additional protection until I have ample times cover. Beyond 1160 I will not hesitate to sell 1200 calls and buy puts. The best time to make money is when market starts crumbling and if you well prepared nothing like it. Tech I believe has a run still left. Composite in perectage terms and RUT is still shy of SPM gains. So keep I my core long and work with derivatice like calender spreads and other exotic trades. My first quarter results were 24%( annualised 96%.) For size of my portfolio Ray tells me none of his clients have made that much since Jan 1st 1998-- therefore in an effort to protect my gains and continue with this phenomenol performance I am taking on new longs in battered stocks like JBIL RHMS but otherwise using some money to reduce my risk. I will not mind protection leveraged to as much as 1 to 4. Let us keep watching. On Nekkei I see all the ingredients of a possible long move. It is coming and I am picking. Buy cheap markets and keep your longs in up markets with hedged 1 to 2 protection you just can't go wrong.