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

To: IQBAL LATIF who wrote (20242)	9/10/1998 2:50:00 AM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

Yesterday I wrote towards the end of the session-''Clinton thing can drag this market down toward old suports-- so I am bit careful will not mind buying few 990 puts for Oct on break of 1007--'' that exactly what I did we closed much lower, last few minutes when futres were trading the futures drifted below the cash closed, this market is worried about lack of political direction, my position would be to continue holding long puts until atleast next week-- and trade in and out of them. My level is 992 support and next is 984 to 970 area we can see these levels again therefore prudent course would be to go in steps and look if supports are taken out, we were able to close around 1002 for a second day, that is OK. For this particular move I would like for this move to be maintained the close today is extremely important it should be higher than 1010-- if we don't get this voltality will continue it has more to do with politics and direction, the move up will also be very quick if any good news come from Russia-- the Starr report shown live on CNN did weighed negatively on the market.. In my opinion Japan should have shown some move up the futures were initially showing a premium of 250 points finally the expected rally just fizzled out-- China the most important amongst the fundamental players showed some rally despite of Yen strength, in my opinion next few months market is discounting now absence of a strong Presidency. If it is going to be true we will see people taking protective action and they will remain defensive-- I would think that market for any move forward needs to look beyond domestic politics-that is not going to be easy as such better to be careful and only work once we see SOX closing above 220 and S&P above 1010-- I am also out of my SOX calls at 214 my stop profits were triggered... I will reenter above 220 close--