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

To: steve susko who wrote (18698)	6/25/1998 11:15:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

An interesting article on COMs--One of the stock we highlighted. news.com

To: steve susko who wrote (18698)	6/25/1998 11:42:00 PM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

In yesterdays post I did mention couple of times 1866 and also 1891, the resistance overhead was briefly pierced but the composite was not able to hold and came back to close below my 1866 level. It is nice to see that before the close the composite hit my level and bounced slightly up but ended closing lower. In my opinion 1866 now becomes an interim resistance like SPU 1129. I believe that we will see this test of SPU 1129-30 area once or twice now since composite was unable to take out 1891, it will all depend on 1129 support on SPU if we are heading to 1122 but probably I would be inclined to think that we will have a solid test of 1129 and we shall see a lift back up.I have decided to add some speculative position on buying some puts for internet stocks, instead of going on individual stock I would like to add 340 puts for Aug purely as hedge against my overall long position in the market. This is purely a gamble as I want to hedge my overall composite sensitive portfolio to withstand rigours of a steep decline. As predicted yesterday we saw that buying coming in transportation. I would like to see this 1130 area tested so as establish a legilimacy of this new break up. IBM did test 1143/4 intraday and COMs earnings also had a very soothing affect on 'solid speculative' positions, I was thinking that COMs would be gobbled instead we got a earning surprise and a positive statement from the CEO. However I intend to suggest that Oct 371/2 for a take over play still look good to me, COMs is full 8 points higher from the time we went in looking for that bidder but now with a positive statement we might be able to find someone like Ericson interested again. DJIA 8910 is a solid support, HSI and Japan are little off yesterday levels but within the range. RUT inability to take out 451 decisively and closed a shade lower also did not help the firmer opening tone of the market, everything remains intact if 1130 is maintained otherwise we may see a sharp break down on composite and techs. My bias remains firmly in favor of market ability to hold 1130-29 area on SPU. On internet index I will add my puts if 1855 is taken out today and exit if new high made yesterday on index is taken out on two closing basis i.e. 381.