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

To: IQBAL LATIF who wrote (23946)	3/3/1999 1:20:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

I kept waiting for this second close above 1935 on NDX that never came although SP99H took out my resistance of 1246 but failed at 1251 and reversed to test as low as 1226 area to close above 1228. I was short from 359 break on SOX I sold a lot of March 390's SOX naked calls, to cover the loss on some of my July long individual stock premiums .. I also sold some 870 calls on BKX and had placed 1300 short calls against 1200 long puts on SP99H, covered this trade at 1231 by the time I was filled SP99H was trading at 1227, I WILL now ideally like to leave these short calls expire and hopefull they would even if they don't my BKX and SOX individual stock exposure will I would have initiated further positions if SP99H would have closed at 1226 but it moved up and closed at 1229, for me my support was intact at 1228 and I won't do anything until this support is taken out on atleast one closing basis.Nothing can be more true than my objective that 1935 should be pierced on two closing basis, in absence of this I would like to keep this as a target for any move higher. If NDX/Composite cannot maintain gains the other sectors are going to suffer too. BKX, DTX, RUT although showed some resiliance but it is not possible that these sectors may take market higher in view of weaker NDX. I will like to see RUT above 402 to see some real change of sentiment, right now 1246 resistance on SP99H is validated so is 350 on SOX if we have another close below it today.. We are slightly shifting to lower levels and the best approach would be to have covered index calls sold agaisnt one's exposure, like I have done in case of SOX that naked calls pays for the lost premium on July longs on stocks like Klic \Klac. I can also be aggressive on this as I doubt that 390 woud be tersted until sentiment on semis goes thru a sea change of atttitude. I will like to see INTC rebounding from 97/102 that is the 200 days MA, and for me 390 naked calls on SOX are free money. I don't think we will see that level until march expirt. One can also safely assume if you have internet long call exposure that 600 DOT can be easily sold agaisnt CMGI/Yhoo/AOL positions. I would like to buy individual calls and sel index calls, the individual calls can be purchased for June July where anotehr two quarter earnings can be benefitted from, a index calls like 390's can be sold for nearer months. I recovered yesterday nearly 45% of the premium I had paid for July exposure. I do not [plan to cover this even if SOX hits 390 as my individual stock position will more than adequately cover any long side built up of premium. Now that we have seen one close below 350 on SOX, I see no reason that 330 may not be tested if we still cose below 350 today. I would think that the market want to test 200 days MA on INTC.. I will like to reverse my positions at 330 support, alongwith this will come 1208 test. The stocks I am highlighting will only be entered until 1935 resistance is fully piereced on two closing basis. <<I would like to enter the stocks mentioned above if I see a close above 1935 on NDX, that would be second close and I will tomorrow expect to pick some of these stocks as my support on SOX has been validated and most importantly 1228 was held on SP99H on closing basis, this does look like a third test in less than four sessions.http://quote.yahoo.com/q?s=^SPC&d=5d >>