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

To: James Strauss who wrote (24785)	3/31/1999 8:46:00 PM
From: IQBAL LATIF	Respond to of 50167

That is how I played the break of 2130 on NDX... <<IQBAL LATIF on Mar 31 1999 1:38PM EST OT-------------------------------------------- I posted the message bang on time when NDX was hitting 2158, I thought I must try to make some money here and shorted the darn thing to cover. I have 1270 long puts remaining from the straddle I placed by selling 1220's twice the number I was going long, I covered the short side and have no problem carrying a total hedge for my exposure below 1270 until third Friday of April. It is nearly a gift as a result of the legging out. I think that Serbia issues are very important for the market. I don't know how you got the idea that I consider them to be non-events. I will like to maintain an adequate protection on the down side and will not mind selling 2300 on NDX to buy some more SPM puts if it really gets uglier. >> I sold some 2280's the highest calls on NDX Aprils and purchased 1280's 10 point higher puts from my exisiting 1270's, waiting for the action today, if we open strong and close above 1302 I will like to leg out of the 1280 long puts leaving behind the 1270's until third Friday of this month. As market becomes chopier and diffcult and Russia starts actingstrange one needs to be careful, I have been recommending it all thru and would like to reiterate my long puts to totally cover my downside..In rising markets as the markets make new high thatis the time to purchase some protection, like I do by selling lower puts and buying higher strikes. In a rising market I keep this strategy to make money as market moves up you get out of the lower strike and leave the higher strike with a lot lower cost, it pays on days like yesterday..