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To: IQBAL LATIF who wrote (22039)	12/21/1998 6:55:00 AM
From: Trader$Rader	Respond to of 50167

MCE on Vancouver , Very good momentum and volume is moving up... Good stock to make 15 % or 20 % in the same day TR

To: IQBAL LATIF who wrote (22039)	12/21/1998 4:35:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

What a move in NDX and composite, although DOW sold off towards the last hour, we are seeing here in Europe very bullish comments for 1999 and CAC closed up 3800 a critical resistance and this is a second break above that level.. DAX also was quiet strong- the traders remain very cautious although CSCO and some other stocks got a revise higher target of 120$ IBM can hit as high as 220 -- COMS 55 is next - all this is one thing and out of the money calls are doing great but I will try to take my NOKA 115 calls and CSCO 95's and shift them out like I did for INTC 115's to 125's it is always better to play this market making new highs with taking off deep premiums off the table and replace them by out of the money calls.. I will be very cautious about the market until new high on DOW is taken out-- we will see after that how to play this from new highs of DOW.. On SPH 1195 support was not tested as the market opened higher we never really saw that support but we will see 1155 and 1195 and 1230 quiet a few time until Jan 14th -- I will think that at these levels put spread strategy works great-- the put premiums have just disappeared 1170 put is only 10-11 $ which I think can double with a small move to test supports or hit 1188 level.. I will think that ASEA may take good heed from rally today and we may see markets higher in ASEA even Europe may take good direction from today move in stocks and we may see globex trading higher but 1195 test is on cards. 1210 in view of traders is a strong resistance but it was blown out, we were being urged that just be cautious and that is exactly what we are doing cautiously playing the long side and will try to shift in the money options out- sometime the portfolio multiplication starts worrying me -- I see that every day we make new highs and our key supports are not even tested lest broken it is this kind of move which makes me a little concerned- I legged out of one of my straddle today the 1120 short puts versus 1160 long puts- 2 to 1- I took out the entire short position for 4$ and change only which I had sold for 16$- now I my cost basis of 1160 is minimal and I have decided to run this position to 14 Jan- I also established when SPH was at 1121 area a straddle selling 1170's and buying 1200 2 top 1-- I thought my 1160's my be a good hedge against 1170's why not to take advantage of this move and get 1200 for 17 and change- I will try to leg out of 1200 at 1195 if possible expecting a bounce off 1192, if things break 1185 - my 1160 to 1170 position will neutralise- however ideally I would like a raly in the morning so as to leg out of 1170 and leave a 1160 and 1200 long menu of puts- I expect that we will hit this any time and expect to do well- great market to work with caution and clear view..