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

To: oexplayer who wrote (22367)	1/7/1999 4:09:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

I think we will see some action most probably to test the SPH gap at 1260-- this is what my info is. I think I had caught the bottom of OSX last week when we went into that trade of selling OSX puts and buying OSX calls- nearly all the stocks had an explosive move.. We had a 10% move in osx nearly whereas Composite moved only by 3% and change- it is this kind of opportunity I try to find and in OSX and RIG and Unocal I have seen interesting returns. I would like to think that once 155-160 is tested the rally shall continue in depressed sectors. Foe me the trade yesterday towards the close was to buy 1260 puts for 7$ for next seven sessions I expect to get these things in money as rally will give up steam by Tuesday and I am playing on option expiry set back - this is I call a 'contrary trade' when put premiums dry up I throw some money away to make some killing if we see some test of 1255 or 1260 gap as is expected to fill.. As far as general out look is concerned we have been doing great long NOK's and MSFT strategies are working fine alongwith IFMX and ALA-- someone who must have betted on ALA must be doing just great.. I see an opportunity in JPN and would like July contract on JPN index for 145's-- in my opinion like no one was ready to touch OSX last week JPN index will give good returns... SLB breaking out 50 was a great sign- it is reported that inventory stock of Oil with refiners is running at low levels and we would see some firmness in oil further-- the thread seemingly ignored this call but in percentage terms it was a better call than many of my other calls it was on parity and percentage return basis no less than the sale of 770 puts on BKX which are now worth 11/2 selling them at 7/78.. I exit if oil breaks 10.20 on Brent-a difference of 1.20 $ with oil quotes in Chicago.. OSX 51.9 is my exit point.. otherwise let it run.. I see admirably the move of BKX as it took out my resistance point of 815 and as I called the bounce off at 800 or to be specific 799.4, now at 841 the sale of 770 and 815 look just great.. To pick RIGs Unocal and SLB at the bottom along with OSX index I have made a tech return on a boring sector.. the reason I picked that sector was that I saw blood in equity markets in Kuwait and the great equities Rothchilds has said that when their is blood go buy.. right now I have devilish strangle around this market I am long on oils BKX and my core out of the money calls which get more and more in the money every day but I am also spending money on some put premiums and that is yesterday trade towards 2.30 my time in the night as I finished with my reading the trade is long 1260 until next Friday.. This great move from 1320 to 2300 on composite is mother of all moves and mother of all moves I see will most probably be affected by 'buy the rumor sell the news' syndrome and as my strategy is to be little ahead of the curve I am in there waiting for that opportunity. the trade I put yesterday even was hailed by the gurus on the street as they say long oils long BKX long SPH puts this is what I call trading with hedge fund approach.. With love to every one who has sent me a message privately and on the thread due to slow access please take this as a general response..