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To: IQBAL LATIF who wrote (23666)	2/22/1999 11:07:00 PM
From: IQBAL LATIF	Respond to of 50167

On 18th and 19th Feb I was asked if I will short the market, the market reponded yesterday exactly the way I thought if we had a close above 1242.My other trade was to go long above 1242 and what a move, break of 392 and my target of 1260 on SPH was blasted neither 1233 was taken out nor 802 on BKX nor I saw a convincing break on DTX .. It further convinces me of only one thing that it is the levels within a market one should look for- no amount of computer generation will help a trader, it has to very simple.. until yesterday we were of the opinion that 1238 and 1251 the 20 days MA at 1252 is the range, which ever side it will break it will move fast, the decision to go long the SOX looks simply great and if we keep this move above 1290 and have two closes above that level we go to 1230 area, however the first step is a close above 1262 another time today and attack and taking out of 1290 the next objective.. until such time keep an eye on this NDX at 1997- go short the market if 1976 is breached this short is valid until 1251 is held firmly.. below 1252 we can very swiftly go down to 1238 area.. Thursday, Feb 18 1999 1:34PM ET Reply # of 23756 No-- I will above 1242 would look for the other trade..BKX is sitting at 810 and along with DTX I don't see a broad selling developing.. I would on break of SOX 392 go long..1260's..with a tight stop loss at 1233.3.. On short side I will look to short only if 1233.3 is taken out and BKX breaks 802 with DTX closing below 315 ... IQBAL LATIF on Feb 19 1999 5:20AM EST I would think that a close above 1235 was good, I hope we maintain this support so as to make a move above 1242. It was interesting to see DOW moving however in last ten minutes SPh sold down slightly it was in 1243 area and closed 1238 and change. I think that today we will see some consolidation above 1235, if it takes out 126 this time we will test 1218 a long target where many want to go long. Yesterday everyone was expecting a slower afternoon and they also expected to go long that 1218 area but it was not to be. I will like to go long above 1242 area and keep a tight stop loss at 1233.. I think we should see some move in SOx to 392 and also BKX consolidating above 802 area for a assault to 815 resistance..