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

To: steve susko who wrote (25452)	4/20/1999 4:06:00 AM
From: IQBAL LATIF	Respond to of 50167

Steve markets are two way traffic, this is one big move which has taken the bulls by surprise, however in to tal I think it could have been much worse. I would think one needs to keep looking at htis huge turnaround in BKX and otehr sectors, Techs have come down considerably as Labman highlights it we will see MSFT setting the tone, nothing fundamentally has changed rhater earnings have been quite decent and market wuill be unable to ignore it, yesterday I made good on BKX I got out of my long calls at 925 break although I could not reap the 10$ on 930 calls I made 4$ however the BKX index is sitting at 907 area if we hold 902 again I see no reason not to try the trade again, if 1292 has been holding and DOt jumps up I could see a move up in NDX of atleast 8%. So for me it is just anotehr day, the damage was contained by DOT naked calls and some otehrs naked calls sold agaisnt long individual call positions, but one needs to see the turning point position itself if things dosen't work identify the outside points and shoot the damn thing, like I did on break of 625, I had this 635 level I got out my 850 calls sold and wanted to see the thing going up it did not, it broke this support in no time I went for that damage control I was short the index to protect my individual call premuim, this strategy helps me to keep me in the game, avoids whip-saw and than at lows average my entry poit on key stocks I like. On break of 1292 i will have huge short positions going, right now I am covering my naked calls fearing market can bounce any time but below 1292 it will be a more bearish trade game.. I hope we get this 550 well.IIX 277 can be interesting too. \Look at hte chart if it bounce from here it may be great if it fails we have 50 points on IIX as low as 220, but 270 has been a resistance and will now be a support, clearstation.com Great formation and very steep correction, someone will have to cover and I expect that to happen probably right somewhere here.. With target of AMZN at 280 we may not see it trading too long at 140-150 band.. fwiw Play both sides sell the index out of monies to protect the erosion, get out of the naked index calls at supports and make real money to have the heart to go long at support like this if they hold we go up quick if it breaks the decline is going to be now less painful, the real 'pound of flesh' has been already been taken out.. Love and regards Ike