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

To: StockOperator who wrote (21697)	12/1/1998 2:39:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

No I am not expecting a significant pull back from here, my indicators tell me that a test of 1130 is on cards, the strong NAPM number will open the discussion on validity of rates cuts since divergence in bonds is still on the horizon the fears would be what else is left in Fed armoury if now inflationary environment evolves, the market was not discounted for anything it was this that led me to gradually get out of all my trading positions and yesterday as soon 1615 broke got out of my portfolio 70%. I expect 1155 and 1148 levels probed today, stronger numbers today will create further voltality but for traders like me I will like to ride the rest of this leg up on purely indexes- I will have the ability to have a full leverage position by earmarking monies in long calls on indexes-- I will have a strong incentive on upside but will be saved from this move to 20 days MA or 50 days MA on NDX ofcourse 1515 on NDX or 1489 I will pull the trigger on big buying and will try to hold this until 1450 holds- my 1750 target remains but I thought why not to double the double and break the records for 98-- I will get in first with indexes I expect to withstand this selling pressure on which RUT is my favourite and second stocks at 1489- In my opinion if 1515 breaks we will see a test of 50 days MA that sits much lower from their at 1505 sits the 20 days MA.. so this perfectly a down move within a bull trend...and objective long term remains 1750.. however I willl let market show me the direction- I am no hero here for me market is a place to be respected no one ever has come out of market big if he fails the test of sensibilities of the market these guys like Favors and their hoodwinked disciples on SI play a game without anything on stake they make fun of market sensitivities therefore even on 'paper advices' they render they loose they are long when it is a time to get out and leave some 5% for your other firends-- that is good old advice from my father.. Markets are no fixed places and no fixed thoughts can be as such allocated to mrkets play them as your resistances and supports are taken out. I love to do it I do it thru a week advance notice when I shorted AMZN it was considered as early but one could not do it on better timing-- IDEA will remain the barometer of market direction and rightly so as you say this is one of the most crucial thread where market direction is indicated more clearly than any other thread- no other thread developed 1615 reversal and highlighted it neither anyother thread saw that huge move up from 1320 nor anyother thread indicated twice that SPZ will hit 1130 first after Oct 97 and seconds after Oct 98-- and you look at my levels very rarely do I advice that get out at 1615 even if it breaks intraday and that what exactly happened, so for me I can get my positions back much cheaper the fact remains the fiscally this kind of activity is a rarity amongst more traditional accounts in US..Fiscal sensitivity leads to freezing of action- I have talking about puts and defensive positions since last 6 sessions only if NDX certain support is taken out- my 1615 was a major resistance and hence once that was taken out I thought I should wait for that DOUBLE CLOSE above this level and above 2000 on composite that never came and I want not to be caught in double top reversal here..this is an important reversal and on historical charts I am only going in before 20 0r 50 days are tested if many of my preconditions are met one being I only go big time long if I have double close within 5 sessions above 2000 on composite and RUT breaks this 402 and 1615 is taken out again and market remains above that big time until this happens I am on tyhe side lines doing what I do locking the upside with some index calls put some money on line as not to miss the action and secondly dabbling with the supports but I will not buy puts the time was the time when I was buying last week only below 50 days MA on NDX after two closes the perception will change but such is market -- be lethal and never fall in love with your levels- I remain a bull this is a perfect pull back and market will do much better if this hits the 50 days and form their roars up back to levels I have highlighted..