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

To: James Strauss who wrote (24011)	3/4/1999 9:29:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

ADL double bottom is very interesting James, last time we had ADL at this level was 8th Oct the day of great bounce when NDX traded 1320, now when I see ADL at the same level it gives me only one definition that market is much more sensitive than it was on 8th Oct to NDX type stocks, it is confirmation of 'cup winner's cup' rally. It also means that if we want to be protected the puts of OEX and NDX will be the best protection and any break will come in NDX and Composite, so important supports on these two indicators are very critical. I try to read these charts and try to make comparisons to last time we had similar configuration, please advice if my conclusions make some sense gg. Likewise a rally will also emanate from these indices and if broad market takes part we can see a different kind of rally where BKX DTX RUT the lagging indices may take some weight of the move up.The jury is out but so far as I have written several times nothing is suggestive of a major down move, however I am very cautious and have got all these naked out of the money calls for March to take care of lost premium if the break has to come. If market rallies the positions on July options will outweigh any built up of premiums on SOX, I would think we may see 398 area but that is where SOX will retreat..