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Technology Stocks : America On-Line: will it survive ...?
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To: david andrew phelan who wrote (2118)3/4/1997 5:34:00 PM
From: Warren Gates   of 13594
 
I have some puts on AOL when stock was at 39 ... had to close them when the stock hit 41 ... I wouldn't short or buy puts on this stock at this point, still too dangerous ... will do so when the volume returns to normal and stock drifts back to the high 30's ... sure you miss out on 5 pts but at least you're shorting a stock that just had a failed rally,

If you do want to play the downside tomorrow, I would suggest March 40 puts ... play only as much as you can throw away because if this stock breaks 45 decisively, then it's off to the races ... on the other hand, if it goes back down to 40, then you can use your paper profits to double up ...

Let me put it this way, at this pt, short it with 1x gambling money ... but if you can wait, and stock drifts back to 36-37, then you can short it with 5x gambling money, making up for the lost 5 pts ... and more.
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