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

To: FJV who wrote (19150)	8/4/1998 5:25:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

I think I have just answered your question--Two closes below that 1070 area are a must but I would in connection with DOW will insist that if we have another close below 8550 my level I would think that would trigger a new bout of selling.So may be last hour tomorrow will be critical if we are above 1080 and below that 8550 level-- that would partially mean that our 1070 objective is clearly wounded.As DOW 30 can knock that support to 1055 area-- however I will let the test of three point prevail--dip and second dip I short/ I would like to say that all this area between 1070 to 1020 will be fought with tears, blood sweat and money by the bulls-- I am one of those rear kind of no-nonsense realist-- I like many others have not sold a single stock but have nearly traded three hundred contracts on short side- these markets are tremendous opportunities for 'realist' like me but to be honest they have rarely lasted so long-- I smell some big money behind this someone who is helping my short trades and what I am concerend about is that he is not covering I would think that we need a catalyst for buyers to appear -- may be CSCO or AOL combo will lead market higher above the levels where short neds to be covered-- but sooner thna later shorts will cover and my expectations are that ASEA will not follow the cue- they will be caught somewhere mid night on Globex within four to five days. I would think that 8350 is the ultimate objective where you are giving up all profit gains of two quarters reducing the P/E - these lowered expectations business will keep market in range between 9100 to 8350-- or 1055 on SPU, I am only concerned that we may see a little more selling in Composite since last time we saw RUT under 400 composite was 1400 level and change right now we are at 1805- this can take a hair cut to 1700-- a bit disproportionate but very much possible if some of these big multiples in compoiste start giving up but todays AOL has made that possbility a little less.

To: FJV who wrote (19150)	8/5/1998 4:48:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

In context of present correction 1070 double close is important if 'pivot' is to be established, when I first highlighted it on 29th July 19089 post-- a support and test and retest only makes a point credible, if market just passes thru it, I doubt we can call this a pivot point-- like my 1030 prediction from 900 I have this chalked as a ''Pivot point'' within this move from 990 to 1200.As we are in uncharted territory we need to work around some points and it is important for sanctity of a support or resistance that market should attest it- like 1118 or 1092 1103 or 8806 or 8550-- these are my intermediate resistances now. ''for me 1865 and 8806 1118 or 1115 is first step I will decide about a loger term later-- the earnings I project at the end of 98 at 49$-51$ at 22 multiple and softening economy and Europe turning around I would think that 1070 is the pivot give and take few points as next quarter shows that exports to ASEA is not the issue-- give me political stability I give you the market at 1200-- by the way these calculations are very unconventional I just don't know anyone who plays the market like this but me being dependent on very little ammunition has to dig something which most of the charts are missing-- I will only be a bear if 1070 is taken out comprehensively on two finish and we see PSE below 318--at the moemnt I am short I have sold lot of calls which are well out of money and I expect them to run to close and bought some lot of puts so far I am doing well-- my longs puts are backed by short puts 50 points away-- to leg out at the right time-- this trade I put it on today as I hated this close of composite.. With best regards and thankyou so much to introduce me to something which I will look more often. ''