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To: IQBAL LATIF who wrote (18380)	5/13/1998 9:20:00 PM
From: robnhood	Read Replies (2) \| Respond to of 50167

IKE, Message 4446792

To: IQBAL LATIF who wrote (18380)	5/15/1998 12:52:00 AM
From: IQBAL LATIF	Respond to of 50167

Last night numbers were higher if you look at the core prices. In my opinion we would see possibilites of consolidation until 19th I would like to buy some puts on a rally or increase positions on break of 1860 on composite. Last night SOX closed below 308 region another close today below this will certainly take the SOX to retest 298 area and even lower. I would like 1118 to watched carefully I would think that we may see this level being taken out as banking takes out 845. Watch out for composite 1860 that is a very critical level on the higher range we may 1126 as a resistance and 1876-78 area a resistance on composite. Until next week I will trade only on breaks of suppports and resistances but I have decided to be careful on these rallies. From here on to add positions on already premium valued stocks will be less rewarding. I will like to enhance my returns by selling some 5% or 10% out of the money calls even risking my stocks to be taken away. I expect test of 1008 before this FOMC meeting I anticpate no action and a consequent rally but market looks to tied up in a trading range. 1130 is the second immediate resistance on top on SPM. Until 19th I will be cautious and like to see what does market do post FOMC, I would assume that .3% core is not the last time we have heard about it this month, the classical economists will highlight this over the weekend and this will also be a subject to discuss until next few numbers come along. I will like to keep increasing my exposure in ASEA over next two weeks for a long term strategic positions. Sanctions on India will help some what direct competitors like Thais. Korea is looking cheap and Japan is consolidating nicely on 15800 level. France looks good above 4000, may be the next level is 4150.