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

To: steve susko who wrote (21118)	10/29/1998 3:50:00 PM
From: IQBAL LATIF	Respond to of 50167

...Steve-- it is important for a trader to know immediate history of the market on finger tips, I have been since that 1320 bounce been very vocal and critical of established wisdom on SI for one simple reason, if you go back to 17th July 1996 and 26th July 96, on the charts you will see SOX hitting the lows the level of composite when SOX made those lows was 1022 and DOW was around 5550, comes Nov 28th if I remember correct and Dec 2nd and third we had this 770 test on S&P, rather we had a double top, now for me 'market is history' and imediate history is the most important note to be a good trader, on 7th dec composite hit this magical 1320 again composite also made a double top and retreated until Jan where it went sideways, now for me this level was a strong resistance on my way up as my 'bhumbo primary' was on the way up in Jan 97 ( I was positive on IBM and talked about IBM in one of earlier posts on IBm thread before I had this Idea thread I was told to shut up by a man who thought that IBm at 45$ is a great sell- it is always deliberate to force voice of reason out of Si and mercenaries of the prophets of dooms are always ready to pounce on any voice of reason, old established tradition of SI, it was after IBM rebuke I decided to go free LANCE AND HAD MY OWN THREAD, a small corner but effective as hell, gives enough pain to the perpetual shorts..and an oasis of calmness in hard times for small invesotrs who wait out their to see if reason still has some life in it..MU at 38 and INTC at 90 is the biggest blow to these guys who think MU and INTC should have been at 5 and 45, whenever that happens I will be in forefront of that frontal attack on markets- if markets slide we will be a part of it .. I knew that level of 1320 and had highlighted it as early as mid Aug in one of my posts as critical support I also said that if we take 690 and 1498 out on BKX and composite we go down to 850 the Oct 28th lows on SPZ.. What happened that day when we were testing that two years low of 1320 on Oct 7th or 8th, I could relate that level with 6300 and 770 with S&P I distinctly remebered on my bed oh I am getting this market at a cut price, I could see that we are testing those levels which were outside any reasonable correction anticipated by worst of bears, now here comes what I call the 'path of least resitance' that market takes if you combine this with voltality here on this last test of 1320 we had the biggest bear trap ever led for bears, the pro's bought puts and I have info that nearly every major house was short that resulted into that big short covering rally. \\\\\For me market is not about moving on, it is about knowing and acknowledging the errors, I learn from these errors by recollecting history I create one, the test of calibre is to know your levels. I could imagine if any of these gurus would have read the 1320 level historically or had any serious involvement with market they would have sold their houses at 1320 and gone long, that was the opportunity you were getting in at DOW 6300 and SP 770- a level they all wanted to see it was there right in front of them and they were urging people to buy puts, it is story of shame and highest level of professional incompetence and I say it so loud and clear to let myself know that markets grinds the fools' and awards the people who are ready to take opportunity, time and time again we will get these opportunities it is seen more often than not that bulls end up owning the opportunities on the way down and on the way up, buying puts is most dangerous at lowest of correction levels,I keep reminding them all the time like I remieded them when they shorted the first move from 1755 to 2000 and 690 to 950 on BKX..] Owning at 1320 we saw DOW at 6300 which was actually at 7330 and S&P at 770 which was 834 but in composite interrelation we had hit the worst of lows, since mine is an academic thread and mine is thread where I challenge this predominant bearish feeling on SI single handedly expounded by prophets of 'gloom and doom'. Market is history it is a mosiac you got to fill the colors right otherwise instead of a master piece one ends up owning a fake, we got to keep testing with volatility of the markets if our barometers are weather fit..ggg..