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

To: Patrick Slevin who wrote (25320)	4/14/1999 11:42:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

Dear Patrick, DOT had gone thru my support of 725 it did not hold 750 area where I went long 140 calls for INKT, as it broke this 2165 area on NDX or 725 I did enter this trade by selling 2340 NDX at 26 and change I did not buy the puts, towards the end I closed out my naked calls of 2340 at 17 and change, I used that profit to buy EGRP calls and SCH, I think earnings are due today and these stocks will do rather fine, I think the market is going thru a distribution, people have now realised that JPM has a potential to move 10 points in day, money is coming in BKX and other lagging factors. I had anticipated selling and one of the main reson is drop in skepticism level, most of the shorts who went long at around 2155 are now out of the game or will need to sit thru this.. SPM did test 1336 area and closed a shade higher, overall as market is broadening we will see in DOT most of the action in companies with track record, like AOL EGRP SCH YHOO INKT. I would think this is a normal part of correction and I will still intrady try to make money on the short side if 2090 is taken out and I see more selling in DOT a break below 695 persists, I would imagine that would indicate a bigger trouble for NDX we could see it much lower but BKX RUT and other moving sectors can control the damage on SPM, from the highs DOT has moved down quite a bit and I will think we may have a good chance to position ourselves in out of money calls of some hi fliers, VRIO may be one interesting issue. 1322 area is the max I would think we may test, oterhwise a break of 1342 and 1355 will lead me to term yesterday break as a test of supports only. On the other hand market within this trend can test 1980 on NDX, with other indicators still strong. One needs to be prepositioned in right sectors. I like this sector in e-trade before the earnings sitting at considerable pull back. <<I am only worried that people who have been short are now longing, I would like the market to trap them i.e. rattle them get them short and bring the market back up to 2350 on NDX this can take the market as low as 1980 on NDX within a trend. This is a approach I have seen very often in this high trending market, any ground troop movement or any big bad number can rattle, the shorts who are now long will need to be off loaded, wehn it is something that volatility will define, but the earnings are looking great. >>