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<P>Andrew Abraham cta wrote:
<BLOCKQUOTE TYPE=CITE> <FONT COLOR="#000000"><FONT SIZE=-1>can someone
recommend a good internet stock broker.. thanks</FONT></FONT></BLOCKQUOTE>
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</x-html>From ???@??? Wed Sep 02 08:44:41 1998
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Date: Wed, 02 Sep 1998 08:18:33 -0500
From: Harley Meyer <meyer@xxxxxxxxxxx>
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Subject: Re: Weekly Pick and AMAT
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Good job. You might think about holding DELL a little longer.
People will still buy DELL.
Harley
Jim Greening wrote:
> Harley,
> I sold my puts when they opened today at 3 1/2 for more than a
> double in two days. Then I decided to cross my fingers and sit on
> DELL, SMOD, and WLA which all closed below my mental stop yesterday.
> They closed so far below that I was hoping for a least a dead cat
> bounce today and we got it. They all moved up good today and may go
> some more in the morning, but I think I'm going to close them out on
> the open. That will actually leave me all cash. I can't even
> remember the last time that happened <G>.
> Anyway, my system says that the trend is down and I shouldn't be
> long now so I'll stick with short positions until the trend changes.
> If WCOM raises just a little more to around 46, I'll buy the puts
> again but may take a little large position this time.
>
> Jim
> -----Original Message-----
> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> Date: Monday, August 31, 1998 10:39 PM
> Subject: Re: Weekly Pick and AMAT
>
> >Jim,
> >
> >Well the other thing is that the advisors have been telling some
> clients
> >to sell the rallies. The Nightly Business Report or The News Hour
> with Jim
> >Lehr suggested a rally Tuesday morning, after the morning sell off. I
> can
> >see it but I don't see a carry through.
> >
> >I have struggled with this from time to time on when does one take
> profits
> >in times like these - i.e., a wind fall profit. I think part of the
> >problem for me is not having a plan.
> >Here is the plan I am thinking of:
> >I did look at the AMAT chart and there is another long term support
> at 20
> >1/2. If for some reason AMAT gaps down and gets there early in the
> >morning, I'll close out my shorts on AMAT. That would mean that AMAT
> would
> >be down about 4 pts in the morning. Or way above it's average true
> range.
> >
> >However on the other hand I can see AMAT in a bear market going to
> $10.
> >
> >I think part of my problem still comes from having too small of an
> account
> >to be able to really diversify and not being able to leverage my
> money
> >with options. The other thing is when I make this kind of money in
> such a
> >short time I am not quite sure how to handle it. However I am better
> at it
> >now than what I use to be.
> >
> >I know that some on this list have been making this kind of money
> every
> >week for a long time. I am sure it took you some time to get use to
> it as
> >well.
> >
> >Harley
> >
> >Jim Greening wrote:
> >
> >> Harley,
> >> I don't see any support for another 400 Dow points. Having
> said
> >> that, watch for the rally tomorrow <G>.
> >>
> >> Jim
> >> -----Original Message-----
> >> From: Harley Meyer <meyer@xxxxxxxxxxx>
> >> To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> >> Cc: Alan Kwong <alankwong@xxxxxxxx>
> >> Date: Monday, August 31, 1998 4:01 PM
> >> Subject: Re: Weekly Pick
> >>
> >> >I guess I have something to learn if we are in a bear market.
> Since I
> >> have been
> >> >shorting my normal reactions have been that there is usually a
> rally
> >> to look for
> >> >after a sharp down turn. But I guess that that was because the
> bias
> >> was up. I
> >> >almost covered amat on several occasions today but hung n there.
> The
> >> market will
> >> >be closing soon and after AMAT broke 25 I doubt that I will cover.
> In
> >> fact I
> >> >will look to add to my position in AMAT. I now have 200 shares. I
> >> will wait
> >> >until tomorrow to-do that. Maybe I can catch a rally back into the
> >> mid 25s.
> >> >
> >> >Harley
> >> >
> >> >Harley Meyer wrote:
> >> >
> >> >> Hello Jim,
> >> >>
> >> >> I hope you wait on the puts. I would suspect that we could get a
> >> small rally
> >> >> this morning, but I also see that WCOM has fallen a bit too much
> of
> >> late and
> >> >> I can realistically see a rally if not today soon in WCOM. IF
> you
> >> are dying
> >> >> to jump in buy your puts but also by some out of the money calls
> as
> >> well.
> >> >>
> >> >> Harley
> >> >>
> >> >> John Manasco wrote:
> >> >>
> >> >> > Jim
> >> >> >
> >> >> > Suffer me for a moment since I'm new at this options stuff. If
> >> WCOM does
> >> >> > go to 38 in the next few weeks then yes the Dec 40 put will
> >> double, but
> >> >> > the Dec 47.50 will go from 4.250 bid to about 15 to 16 in the
> >> same time
> >> >> > frame. And since it has a delta near .45 it has a much better
> >> chance of
> >> >> > making money IMHO. Granted your exposure is less with an OTM
> put
> >> but
> >> >> > your chances of making money seem to be less also. That
> doesn't
> >> mean you
> >> >> > won't make a ton, just that it seems to me the probability is
> >> less.
> >> >> >
> >> >> > If you're really up for indigestion how about selling the Sep.
> >> 47.50
> >> >> > calls for the same premium you're buying the Dec 40 puts?
> >> >> >
> >> >> > John Manasco
> >> >> >
> >> >> > Jim Greening wrote:
> >> >> > >
> >> >> > > I don't intend to hold this position
> >> >> > > very long, but also don't want to lose a lot of time value
> each
> >> day so
> >> >> > > I compromised and looked at the December put options. Since
> >> I'm
> >> >> > > expecting a sharp drop to under 40, I decided on the Out of
> The
> >> Money
> >> >> > > (OTM) Dec 40 Put options ( LDQXH - Bid 1.375, asked 1.625).
> >> Going
> >> >> > > this far OTM gives me much greater leverage at increased
> risk.
> >> >> > > However, the amount at risk for 1000 shares is small
> compared
> >> to the
> >> >> > > amount at risk shorting the same number of shares and the
> >> reward for a
> >> >> > > large move is essentially the same. The problems come if we
> >> don't get
> >> >> > > the large move <G>.
> >> >> > >
> >> >> > > Jim
> >> >
> >> >
> >> >
> >
> >
> >
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