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Strategies & Market Trends : Options
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To: RocketMan who wrote (1143)1/16/2000 9:57:00 AM
From: Jill   of 8096
 
I only remember cuz I was looking at them too on that day. But I didn't buy.

Here's another snippet from Option Investor newsletter, reminding us to keep dry powder around in February:

There may be a good
chance the market will drop starting in the next two weeks. There
is also a good chance the Y2K money coming off the sidelines
could cushion this drop but once the earnings are basically over
there will be some market weakness. This is hard to rationalize
since market breadth is now more positive than it has been for
sometime. New highs are beating new lows. The Nasdaq, Dow, S&P,
RUT are all at new record highs. Investor sentiment is at an all
time high. Yet, almost all the analysts are expecting some profit
taking soon. Those concepts are not opposites. You can be bullish
and still recognize that some short term profit taking will occur.

Why am I trying to be so forceful in warning you about a possible
bout of profit taking? Because most traders are so accustomed to
buying the dip that they either try to hold their positions
until it is over or they jump back in on the first or second dip
and then get killed when the market continues downward. Everybody
always thinks the correction will only impact everyone else. The
stocks they own are good, strong and bullet proof. Sorry, but
there has never been a stock that was bullet proof.
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