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

To: steve susko who wrote (25348)	4/15/1999 11:37:00 PM
From: IQBAL LATIF	Respond to of 50167

When I talked to pits in the morning they were expecting 1322, but in panic selling do get out of hand but my during market hours on the post reviews highlighted that test of 1317 is probably an over-extension and if we take out 1324 area we move up and close at 1335-36, we did that. Steve I am looking at these leves from a perspective which extends to more than 20 years of learning these tricks, I think if earnings would be bad and BA GM F JPM AXP would be failing and RUT going thru new lows than NDX alone does not have the ability to hold at 1350 level, it will an aberration or anamoly. Now that luckily the moves of RUT BKX and DTX have now been synchronised and SCH delivers a bumper earning and NDX maintains its course imagine what are we potetially looking at, a multiple broad move, as I have explained in my postsasI led this market move to these levels that look at BKX, go back to my posts on C MER CMB AXP I am a little early but I identified the potential of BKX break so did I highlighted this move of RUT from lows, right now I think we had a great test of 900 support on BKX even RUT came down and test 407 area in the end it is going to be earnings which decide the market goes higher or lower, remeber you asked me once what happens when 'internet' bubble bursts, nearly every one with short bias thought the whole thing will collapse, it is most heart warming to see that theory expounded finds currency under real test. The SPM did not budge when at one point DOT was down 7.8% SPM at its worst never lost 1.7%, I use to make this point often that 'internet' in terms of market cap do not constitute a major cap, market has all the flexibility to get it on the chin and move forward, that is the summation of last night action. To be honest the only way to judge my posts are re-visiting my post once the event strike, for me I am extremely happy that with break of 725 on DOT we went wildly down, we tested the 2040 area a little above my 1980 and we did test 1322 area although with over extended 1317 or 15, so for me it was a clear indication to go long and that was the case I was making at the lows taking my neck out like others did on the thread, go long at lows as I saw that rarely does a market goes big down if DOW stays in positive territory. Thnaks for asking explainations, it is important to revisit mistakes and successes, like EMC and INKT SCH was a premature buy of calls day before yesterday, but I thought that DOT 750 test will hold next morning, I broke my own discipline but my discipline was broken based on calls I was selling on NDX, so on one hand I had these May longs on theotehr I was hedged with NDX naked calls, it was right thing to leg out of the naked calls and at lows buy new calls. That strategy helped to pay for the mistake of getting in to stocks before time, market is always a two way street one needs to be very nimble andmake thebest out of it. However, luckily we got the chance at 630 we never lost it, we at this thread were collectively watching the indicators like a shark. I would have still added at 582... Right now I will be looking at selling calls if 725 on DOT is not taken out in next three session if we stay below 700 I will like to trade in way to protect my new profits..