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Actually when you ask about knowing something about AMAT I do. Or at least
I <U>believe</U> I do and that is what I forgot to mention in my post on
position trading. I take a position based upon a belief that the stock
will go down for some reason. AMAT is in a terrible position because the
semi-conductor sector is not buying equipment. The world economy is slowing.
<P>I don't use options because Datek doesn't have them. I would work more
expensive stocks if I had options available. AMAT is priced high enough
for bigger players to play it and it is low enough for guys like me who
have small accounts. When a stock is in the 20 dollar range my trading
style and account size work well together. Also AMAT has enough of a daily
range that will give you a several point move over a couple of days.
<P>For me one of the biggest things that have helped has been getting a
sense of where the economy and hence the market will be going. It has taken
me a many hours of learning and watching the market over the last three
years. I also am a short seller so for me if we go into a bear market things
will be a little more profitable for me. And I will say that so far I have
been doing my best over the last few weeks "to make hey will the sun is
still shining."
<BR>
<P>Harley
<P>UG wrote:
<BLOCKQUOTE TYPE=CITE>Harley Meyer writes:
<P>> I took another short position in AMAT at 24 3/8, 200 shares this time...
<P>Harley,
<P>(AMAT's 23 7/8 as I write this, so hope it keeps going for you!)
<P>I've been reading your posts for awhile now and one thing puzzles me.
Why
<BR>AMAT? Is it cyclical in nature, or you happen to know something
about it, or
<BR>what?
<P>It certainly looks like a short contender to me, but what doesn't in
the last
<BR>few weeks? And there are some that look like BETTER short contenders
to me.
<P>Also, if I may ask, why not puts? AMAT is certainly optionable.
(Myself, I
<BR>think I know JUSSST enough about options to lose my butt, but you seem
like
<BR>you know your way around a trading pit.)
<P>--
<BR>========================================================================
<BR>Chicken Little only has to be right once.
<BR>http://www.unixgeek.com/cgi-bin/motd.pl
- PGP email preferred</BLOCKQUOTE>
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</x-html>From ???@??? Thu Sep 10 13:25:09 1998
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Date: Thu, 10 Sep 1998 13:59:05 -0500
From: Harley Meyer <meyer@xxxxxxxxxxx>
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I entered AMAT short again with only 100 shares at 24. I figured it
might move against me this time but wanted to be in there just in case.
As I type it is at 24 1/4. One thing to keep in mind the 30 year
treasury note has gained a full point as I type before the bond market
closes. Look for a big sell off in the DJIA latter today. My guess it
that is why it is off it's lows so far.
I covered ONSL at 17 9/16 from the inside market where I became the new
bid looking for a seller. Otherwise if I hit the ask I had to buy at 17
3/4. I made a small profit of $60.
All and all for the day I book over $400.
As long as the market keeps moving down I'm going to keep making hay
until the sun goes down.
i.e., keep working at making profits.
Harley
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