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

To: Brian Fukuba who wrote (18314)	5/7/1998 7:14:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

Since break of 1130 we are back to 1098, my intermediate levels of 1118 with 1870 break on composite and 1105 on 1845-50 composite break were all taken out. We did see close below 1105 now 1085 within this week remains to be seen, due to 50 days MA moving higher I have moved this point of 1085 to 1092-- that probably will come if 1818 is probed which is my rough estimate of 50 days MA on composite. I see a strong probability that the we will see 50 days averages to hold well. SOX has closed below 310 but the area of 308- 310 is very much within the base of this uptrend move, in my opinion on a monthly chart SOX is perfectly poised. Towards the close I was tempted to take profits on my puts 1080 and 1060's but decided to go in number long puts since I think that scenerio 1 of my employment number post will play out and I thought if I will be properly positioned I may get a chance to exit at the most opprtune time--- the time when we may be down to 50days MA on composite. However, if we have a good number and good hourly earnings we may have a opening full 10 points up if that happens, I will wait first 30 minutes and sell some Mays 1100 puts against June 1080 this will first of all bring my cost down and secondly will give me insurance for the month of June. I would think that a good number tomorrow will as I have explained earlier take us thru 1030-- if number 1 plays out the way we think it would the jury is out and lets watch and see as market unfolds. It is just plain fun and pleasure to read markets and to play them with some game plan. MSFT puts must be quite handy-- short of a disaster I see nearly all major indexes on supports like composite below important 1840 SOX below 310 and SPM below 1102--- I would assume that good hourly earnings figure even in face of strong employment will help these supports to hold. The problem will be if we have two strong numbers then we revert to option... of my previous post. Thanks and good night-- Have a good rest and enjoy pre-number suspense.