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

To: oexplayer who wrote (22570)	1/13/1999 10:39:00 PM
From: wmwmw	Read Replies (1) \| Respond to of 50167

Guess tomorrow will still be down.

To: oexplayer who wrote (22570)	1/14/1999 1:56:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

Kevin---The only trade I could think of when the market opened and drifted lower to 34 points on SPH was a contrary trade. I think any other trade would be suicidal someone who must have purchased these puts from me must have been the one who thought that market goes down to 1100 within one trading session, it is always possible but I would rather go the other way. I think INTC blockbuster earnings and if this momentum continues the chances of market breaking through my initial resistance on closing basis are quite dim. I was pounding the table since last week highlighting that the trade to purchase puts of 1270's 1260's and 1250's for prices which were way cheap no one wanted them it was due to this that I was trading in and out of them continuously and leaving some behind for rainy day like yesterday.. I think DOT break to 450 was my target yesterday but when it did not go through that 450 area it was clear to me that things and money flow is opposite to the market direction and I went into NOK.A when it was trading at 127 of-course I bought calls and same for LU trading at 99 or 100 but to ignore a 1.19 earnings of INTC when it was trading at 135 was something I have never been able to understand. Look at my NDX Composite and BKX levels and see how market rebounded off them even going through them intra-day but 815 did not break so did 1880 was not taken out.. but my gap of 1260 got filled and that what matters.. I was fully braced for this move and it is moves like this where you distinguish a 'trader' from a 'non-trader'.. I think that we will see distribution soon my trade last night towards the end was betting on HSI and France German recovery I bought the webs trading at 213/4 for France and HSI for 9 and change -- I also took opportunity to add to ALA positions as we saw this 253/8 level I thought may be LU of Europe is too weak now to add.. These gyrations within market are to be timed like we did here since last week we even highlighted that after Tuesday we will see that 1260 will be filled and to see it happening is much more rewarding than actual money we have made, it is never about making money any more as that is something granted that we do it on most of our trades it is now about being long and short at the same time and that is what this market at these levels deserve.. I will like to explain to you my other trade when we were down at 1214-5 area I told Ray to sell 1120 as we were legging out of 1250 60's and purchase 1190 for Feb. now this is my proprietary trade on one hand I am leaving my 1220 shorts naked but on the other selling twice the numbers of 1120's when premiums were very highly marked up to book in 14 and change for each contract and paying 27 for the long 1290, by doing 2 to 1. I was assured that once we see a reversal. I will be able to salvage even some thing from Jan 1220's which were than trading at 21.. By going long at Feb 1190 I was actually protecting my 1220 freefall break if all hell would broke loose, so I was trying to build a hedge that below 30 points I am very well protected although if market would drop to 1120 I would be in a mess.. The market recovered and we were looking at Nasdaq and Composite we knew it a shade early as pits were manipulating SPH since BKX was hitting my 804 area -- but anyone looking at DOT NASDAQ composite and NDX should have known time to go long as an Idea of the day. At the end we got out of all our trades even 1120 with a profit of 21/2 the Febs 1240's at 42 and were left with the 1290 long puts, I had effectively shifted the 1240 Febs to a lower strike and recovered most of the volatility premium from at the money puts.. These market offers these kind of trades once in a while and to take opportunity is the name of the game for me I would like 1255 to be taken out for any resumption of move up if that does not happen I will think we may see test of 1234 and if it holds a market range bound until earnings take it to the path of least resistance.. On bear Gurus I have all the respect for them individually but on trading fields these are killing fields for these self styled Gurus I have no words to spare I have seen too much of abuse from many of them and their concerted effort to block any voice of reason, imagine what a lie they mock when they say that puts bought yesterday could turn profit. who are they trying to fool I know most of them inside out and like wall street Gurus who go haywire these guys who were attacking me on INTC ASND COMS are crushed to the ground.. I think Idea is like a nemesis and our success and open challenge to these Gurus of doom is a legacy of SI.. Without IDEA SI would be quite a den for self styled Gurus who always could see only one side of the trade for me it is the two sides for me it is the ability of staying in the game, they can by shorting INTC at 60 I cannot they can still have equity I will loose all, they think one day I will be proven wrong on days when they loose money and are bled to death I am the contraire and make money on opposite side of what they are seeing they come and read my thread I don't bother because for me Oct 97 mantra continues the script never changes and I know what they will write - I will defend and mark my strategy with best of my ability they can continue with their foolish trades when I was longing 1320 big time they were hurling pun on me at 2300 a full 1000 point move made the great different in between I trade the up and downs but remaining a short when your premium expires is not a very good felling and much more when you miss NOK.A at 60 and see it at 140 it is also a not a very good feeling. We are here to represent the right feeling we cannot be emotional and I don't have bury one of the finest thread the 'Tech stock Option' thread in rubble of short posts, TSO collective burial when past posts became 'thrash of short saga' as too hot to handle was one tragedy of SI.. I think TSO was like WSJ of the SI we had many a great authors on this thread it was taken over by default and ditched- for me traditions are not killed and for me TSO burial remains the result of failed saga of bear.. They have tried to shut IDEA many a times or let me to desert this thread I have made this thread a great 'SI thread' with the help of finest posters who trade on both side of the market for me that is my finest hour....We killed distance, and we did it that is all it matters -writing from Pakistan and handling the global markets with more ease than someone in Chicago is what was my vision of a connected world and I love to see that Idea survived all the onslaughts and still remains in business ..That is making money with honest two sided approach-- also with a challenge that every thing we post has a ticket from a full brokerage house not a blank exercise to fool others. I have repeatedly asserted for me hyping and dooming is a similar offence some are hysters others are doomsayers and until hypsters and dumpsters are not checked the bankruptcies of poor investors who are gullible to these self styled gurus will continue I have five who have written to me and this is the burden I will always have.. . The Guru who never trade INTC either at 60 or at 140 fails to realize that someone family has just lost fortunes by shorting INTC. For me SI will be a much poorer place if realistic longs are booted out of every thread and they don't have one cogent voice of reason it is for this we are lied by them.. Long live the IDEA thread.. Rest every thing else is peripheral.. Love and regards..

To: oexplayer who wrote (22570)	1/14/1999 7:09:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Great start to a 'secular bear market' of SI 'gurus' the put premiums purchased yesterday are in dust, but our heros never loose they are made of golden stuff they will still show nothing doing. gggg . Europe washing away its sins of a sell off of yesterday and globex up 12..so far add on to it the Japanese close and the Finnish huge run one can only say that 1255 apparently will be out and with a consequent test of lows of 50 days EMA on NDX we may see a new attempt to break out 1292 on the way to 1230 but first thing first a decisive break of 1255 is a must... Long BKX will be my next trade if 1255 is decisively breached along with RUR new longs..