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

To: IQBAL LATIF who wrote (19030)	7/24/1998 1:47:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

I predicted a new magic number today was the support 1132 we tested that and came back roaring- this is how I perceived the action-- watch for break in AMZN we got that-- July 24 10.20 post- '1935 the magic level of 22nd and my new magic level for todays support will be 1132 on SPX-- lets watch the action-- in half an hour the morning longs should be taken to the slaughter house once the pits are done with them we may in the afternoon go higher-- the other scenerio can be that pull up may be so strong that we may not be able to go down at all but compoiste will show that-- I also think as I have trying to highlight since last few days that it is 'cup winners cup rally' and DOW stocks have not won any cup in this presnt round of earning displays so we may have this rotation where the money comes into more productive companies where investors can have the visibility of compounded growth'. We wil like to see the resiliance in SOX very closely- only 2 points down when composite was hovering at 1917 area-- I would like composite as it is now to close above that 1922 number- if it is closing lower go home with some short positions-- otherwise time to go long SOX above 255 and above 1935 on composite- this is one hell of a good market-- the market will not go anywhere and remains within a trend until 1865 area is taken out and that I need a single close it will only come on back of huge internet selling-- keep a eye on meltdown on Yahoo AMZN type hyper stocks if this composite has to break this 1865 area it would be internet stocks the other stocks in techs are showing great reistance- in a bad market to withstand pressures like SOX did only repersent one point it wants to go higher-- the running commentary continues-- Hope you guys quietly are enjoying ball to ball coverage---bi

To: IQBAL LATIF who wrote (19030)	7/24/1998 2:07:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

A note to prosterity-- SPU trading is about not following charts but following 'locals' these are the guys who run the stops, make money in volatility-- until fundamental picutre changes the test of supports is nothing but new infusion of blood-- we sit here tight look and define our game plan the whole market totally under our lock and that is how these markets need to be played-- no if and but comprehensive levels well defined strategies and right entry and exits-- one fell like chirping when the game plan is executed according to the script however this is one session 'market opens every day and you need to keep your cash' if you looose your cash the market closes for you permanently-- go in markets without opinions- have your game plan ready on the upside and the downside and execute when supports are taken out- cut if resistances are breached but always keep a cushion of 3 or 4 points like today I saw 1132 on SPX being broken I waited for that 3-4 point drop it was longest few minutes wait and I saw it coming back I executed my trade---- no one has ever won from the markets these markets exact strange rvenge so you need to be nimble and clear headed-- my whole purpose is to make it clear that all this exotic stuff is 'ghot stuff' to trade these markets one needs a game plan to be short when one needs to be long and to be long when one needs to short is the criterion based on which market determines its heros and villains-- bi bi Locals were just ex-runners now leasing seats in the pits they live on lake shore drive half of them college drop outs when you are arrayed against them be like them-- think locals-- it is for this reason I wrote in the morning that 'morning longs' are being led to slaughter house. Some strange aspects of SPU trading.