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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: IQBAL LATIF who wrote (4636)	9/25/1998 10:24:00 AM
From: Tom Trader	Read Replies (1) \| Respond to of 44573

I noticed that the SOX has held up very well even during the most recent declines. You know that OJ has been saying that the semis have bottomed at I am inclined to think that may be he is right--that the worst is over. The XAU broke out yesterday and closed over its 200dma for the first time in a long while. Follow through strength today. I don't know whether you have posted an opinion on this previously--re the XAU. Also, is there a fundamental reason why one might view the metals as having upside potential? Do you have any info as to whether the central bank selling has come to an end?

To: IQBAL LATIF who wrote (4636)	11/6/1998 10:08:00 AM
From: Tom Trader	Read Replies (1) \| Respond to of 44573

Hi Iqbal -- first let me congratulate you on an excellent call re futures getting to the 1130 level. This was at a time when noone, including myself, thought that it had a chance of doing so. Like I said previously on this thread, I view your support and resistance points as helpful in planning strategies. I had sold some naked OEX 550 calls much earlier when the OEX was at 531 and once the futures took out the 1130 level the other day, I was looking for an opportunity to protect myself and did so yesterday when the market sold off in the am. Given where we are now, what is your sense and what the is the feed-back from your sources in the pits as to what the upside is likely to be. I seem to recall you saying, some time back, that if the 1130 level was taken out decisively then we could head to 1180 very quickly. Did I quote you correctly?? Also, what do you see as the maximum downside, at this point if we sell-off?? In other words what are the key support levels that we would need to hold?? I trust that you are well.