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Joe,
As I've said so many times recently, we're long. That's hard for a
perpetual bear to say. That's one of the problems as we trade probabilities
as opposed to individual stocks.
Personally, I was sort of looking for a down market today because of the
Middle East. A while back, regardless of the news the market went up.
Recently, regardless of the news, the market has been going down. In both
cases, the market seemed to over-react, as per usual. A case in point was
TSM who announced record earnings and immediately lost 1/3 of its market
value. Oh well, it gave me an opportunity to buy some more, cheaper.
Regards,
Guy
Politicians and diapers have one thing in common. They should both be
changed regularly and for the same reason.
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
Behalf Of Joe Duffy
Sent: Friday, October 20, 2000 7:11 AM
To: metastock@xxxxxxxxxxxxx
Subject: Re: Nasdaq to 1800
Since were only talking about opinions here, I'll throw my thoughts in. It
"feels" to me very, very much like October 1998 at the bottom in both SP and
Nasdaq. I think the low is in personally. I am considering a strategy of
selling puts on the SP futures with a strike below the recent low, and
simulataneously selling calls on the SP futures with a strike around the
recent highs or a bit lower. I think that we are likely to see trade
increasingly less volatile and more in a trading range for the next few
weeks. If we did break lower I would cover the short puts and hopefully
cover off most of that loss by staying short the calls. But really, I think
it stays in the range, so that I will profit on both sides of the equation.
When implieds are this high, it is the time to do this type of strategy.
As well, especially on an intraday basis, I would also be looking for
increasing tendancy toward false breakouts, on say a 5 minute chart.
----- Original Message -----
From: neo <neo1@xxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Friday, October 20, 2000 7:44 AM
Subject: RE: Nasdaq to 1800
> The 200 day MA has turned down and that is a strong sign of a bear market.
> That does not mean we will not get the Nov-Jan upturn. The big questions
are
> still out:if and when?
>
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