Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: Druss who wrote (7481)	11/24/1997 2:33:00 PM
From: space cadet	of 9285

It's starting to look like the recent recovery may have been an option squeeze on all the put players like us. The big boys realized they could make quite a bit of moolah by maintaining stock prices for a couple of weeks. Things still look bad in Asia and not much has really changed. Now however there is no incentive to maintain unduly high stock prices, at least till Dec expiration nears. So we may be heading down again. Especially if Japan tanks tonight following its holiday today. Still tomorrow will probably be a bounce back up if Japan doesn't tank, since Korea is oversold (7% decline yesterday), big down day for tech's today, and Turkey day is almost here. Plus it is almost certain that Dell will beat expectations, though it still could head down a la AMAT. In short, it looks like a lot more volatility for the next few weeks at least. I have sold some of my position and will look to re-enter some more shorts or puts in a while, perhaps after the holiday, i.e. next Monday afternoon. The lack of leadership again like in Oct tells me that we probably have at least one more big test of the Oct lows coming before year end, unless the holiday rally really rockets us out of this trading range.

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