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To: James Strauss who wrote (23580)	2/17/1999 5:07:00 PM
From: advinfo	Respond to of 50167

I saw shake outs going on in many stocks. The strong trading right before the close was truly "amazing". I agree Jim, there seems to be plenty of buyers out there. I did a lot of buying in the afternoon while the Naz played with the 50 dema. MTON's performance today was impressive, it's putting up a nice chart...

To: James Strauss who wrote (23580)	2/17/1999 10:59:00 PM
From: IQBAL LATIF	Respond to of 50167

I was looking at DTX and BKX both held up very well, although my defensive strategy triggered as we broke 392 on SOX but I covered at the end as I saw SP9H making some headway from the lows, I covered my naked calls SP9H 1300 and 1200 puts. I did not want to loose the profit first, and second the kind of programme selling I thought deserves one benefit of doubt that may be 1235 break is a false break down.. The trend support at 1228 held very well although we were through the great support50 days MA, which I thought would take a lot of doing but I remember last 10th break thru the to 1215 area. I am right now working with a straddle, I am long 1220's puts and short 1150's puts expecting to leg out of one this as the case may be. I just don't see that how the people who have shorted SOX will not cover soon, although I had this strange feeling that this will be sold but to stop at 381.6 against my prediction of 382 confirms one thing that we may very well bounce from here and ASYT KLIC and KLACS ot AMAT heading for 100 may not be bad idea, however it has to be a close above 1235 otherwise a break of composite 50 days MA right now at 2240 will take NDX to that 1780 area where it would rebound significantly, so I see a close today as pivotal for the market, initial drop may come but may be we bounce of 2240 level on composite as 378 on SOx is held.. I will look at NDx SOX BKX action alongwith SP9H at 1228 and 1226 low of yesterday..1218 will also offer some support...but a weak close will leave this market to test much lower levels on NDX for wuite sometime and it will pay to long 1200 puts or even 1150's as leverage will be best played for those puts.