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To: IQBAL LATIF who wrote (23804)	2/24/1999 9:10:00 AM
From: Killian	Respond to of 50167

Thank-you IKE! Kevin

To: IQBAL LATIF who wrote (23804)	2/24/1999 9:16:00 AM
From: Jerry Olson	Read Replies (1) \| Respond to of 50167

Morning Ike just looked at the SPX & BKX on P&F... SPX...Hard resistance at 1280, a 3 box reversal would be 1265, normal in an uptrend, "IF" we;re going UP<g>...1250 which was hard resistance is now hard support...we break that next would be 1230ish... BKX...same senario...840 the top, made what i call a high pole, could retrace 50% which would take it exactly to 815, the old hard resistance, or just a 3 box reversal to 825.... the NetNuts will be flying today thru the rest of the week,,,all tradable..... enjoy the day my friend......

To: IQBAL LATIF who wrote (23804)	2/24/1999 11:11:00 PM
From: IQBAL LATIF	Read Replies (3) \| Respond to of 50167

Yesterday morning post needs a special reference--from IQBAL LATIF on Feb 24 1999 8:42AM EST <<Composite above 2382 has to sustain its momentum and if we need to see this resistance been taken out we need complimentary signals from lagging indexes like RUT and DJT BKX. A weakness in all of these should be exploited for a re test of 1252 SPH level.>> We did test composite 2401 from where we retreated, composite tried to hold the 2382 area but could not withstand the sell programme and closed at 2343.RUT inability to take out 402 was first sign of trouble..We did come down and closed at 1253 0n SPH. DJT and BKX initially strong gave up most of their gains in case of BKX and DJT at one point up 85 almost closed up 25. The test of 2401 according to pits eliminated lot of short positions and I have news that people were long at 1284, this is poetic justice of market, it first rattles the shorts turn their postions to long and bring the market down to test this 1251 support.. The move up in the morning let a lot of shorts to cover and get whipsawed. To avoid this whipsaw I had indicated this in my post.. << I would rather like RUT above 402 asap if 1278 on SPX is taken out.If RUT keeps lagging I will like to buy some 1250 puts for March anticipating that we may have a false break to test 1251 before we take out 1278 or 1290 on SPH, I know that premium does not warrant this huge gap in SPX reading and SPH. I am using SPH for intra-day long positions and SPX for position long.>> The most significant issue of future projection is contained in this paragraph, we saw SPH at 1286 and SPX at 1282, you note that despite of both levels breaching the 1278 SPX and 1282 SPH resistance,I insisted earlier in the day that level for intraday long was at 1290 on SPH whereas for position trading I demanded a double close above 1278 on SPX, this was intended to save people from whipsaw move, even if 1278 was taken out my requirement on double close made me hesitant to go long and I kept waiting for that 1290 resistance which never was breached for a long trade intraday. I hesitated to go long until 1290 on SPH is taken out or 402 on RUT in absence of these two elements, I was quick enough to go long 1250 puts when I saw 1282 taken out on SPH.This is important to see that old highs of SPX and SPH sometime have diffeent targets, yesterday was one of those days.. Test of 1251 was predicted day before and I asked for some puts to be bought as I knew that it is more than likely that a move from 1215 to 1284 needs a retracement to 1251. I would think today can be another interesting day we may open softer or we may test 1248-45 area, however if BKX 802 SOX 410 is maintained I would consider a trade to go long at 1239-35 area if we ever test that with a stop loss at 1224 break. If towards the end BKX DJT RUT contnues to show weakeness I will like to add some 1180 long puts purely for trading.

To: IQBAL LATIF who wrote (23804)	2/24/1999 11:22:00 PM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Korean Industrial Output Posts Biggest Gain in 4 Years in Recovery Sign Korea Industrial Output Posts Biggest Gain in 4 Years (Repeat) (Repeats to fix typographical error in 1st paragraph.) Seoul, Feb. 25 (Bloomberg) -- South Korea's industrial output posted its biggest gain in almost four years in January and private consumption expanded for the first time in 15 months, indicating the faltering economy is on track to expand. Output grew at an annual rate of 14.7 percent -- the largest gain since July 1995, led by robust exports of semiconductors and transportation equipment. It was the third consecutive monthly gain and compared with a 4.8 percent increase in December. The National Statistical Office said more Koreans turned optimistic about an economic turnaround, evidenced in a 2.8 percent increase in combined wholesale and retail sales, the best measure of demand in the economy. Spending on big-ticket items such as automobiles jumped 129 percent in January from a year ago. Sales of machinery and telecommunications equipment were also brisk. Last year, consumption shrank by a monthly average of 12.5 percent. ''Now we can say for sure the economy has embarked on the expansionary cycle,'' said Song Keum Young, an NSO official. ''Because indictors for consumption and investment are also showing steady growth.'' The office noted the figures reflect the longer period of working days -- two days more -- in January this year from the same year-earlier month. The Korean economy slipped into its worst recession in 45 years after the country turned to a nearly $60 billion bailout the International Monetary Fund pulled together in December, 1997 to avert national bankruptcy. Growing Optimism Several other key indicators also point to recovery, fueling expectations the Korean economy would grow at least 2.0 percent this year against an estimated 5.5 percent contraction last year as forecast by the IMF. Domestic machinery orders, a gauge of corporate investment, jumped 39.6 percent in January from a year earlier, led by the shipbuilding and automobiles sectors. It compared with a 0.8 percent rise in December and an average 30.5 percent decline for the entire 1998. Shipments of goods for domestic use also increased for the first time since November, 1997, expanding at an annual 6.1 percent rate in January against a 10.9 percent fall in December. Those for export rose 23.2 percent, compared with 25.4 percent. However, factory use by manufacturers dropped to 69.2 percent of the total capacity last month, from 70.5 percent in December, plagued by a strike in LG Semicon Co. and slowing production at refineries. Inventories in January fell another 16.6 percent from a year ago. The depleted stockpiles will allow companies to increase output, helping to accelerate an economic pick-up. Bucking the overall trend, the construction sector still remained in a slump. New construction orders dropped 20.5 percent in January from a year ago, compared with an annualized 42.5 percent drop for the entire 1998. The NSO said the economic outlook is continually improving. The index of leading indicators, a prediction of economic activity six to seven months ahead, rose for a fourth consecutive month. The index advanced 8.3 percent last month from a year ago.