To: Jerry Olson who wrote (19694 ) 8/31/1998 4:49:00 PM From: IQBAL LATIF Read Replies (1) | Respond to
OJ-- I had a market order to go long futures at 950-- did not fill but pro's are looking at that level so watch out. We closed 955 this was to settle my options 1010 cash and close out my position, I think the ferocity of the selling was really bad, first time people like us in Dells Cscos Msfts IBMs will see the hit in excess of 7% in a day but in my opinion as I have always emphasised and the Ray puts it suppose you were out of the market at peak 1200 Uncle sam would anyway take 28% of that so at 950 what you were suppose to pay to Uncle Sam you would pay the markets, this is how long time pros rationalise thier losses, but on the other hand they also keep big hedges and these hedges if you keep generous levels to got out do help. I unfortunately never sold anything but I have no regret I am going to be alright with my runnig hedge what is pressuring me more is to get out of it, we will see rotation very soon , the good stocks will be snapped up and I still think Dec contracts on beaten down sectors like Rut SOX DDX at around 950 level will be a great place to start all over, this is market and I will reiterate that they move up and down, your inkling was correct and I was not able to see this big thing coming that is a disadvantage with my system it will work on break of key levels and supports only but it works good as I cover my self more than adequately.. Like going up it goes in steps going down it also move in the same manner, I congratulate the bears 4 times the size of my portfolio the 1010's and 990's initiated on break of 996 are just looking great ig I can cover my profits with a long future at the bottom I need to do it at the worst possible time, I did not pull the trigger today but lets see if this downdraft will help the bottom liine, I hope we don't open twice limit up- gggg Thanks a million for a very kind and gentle hand during this crisis...
