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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: mc who wrote (13060)	7/18/2000 5:40:41 PM
From: Dan Duchardt	Read Replies (1) of 14162

mc, I don't know either. I closed out the rest of my position to protect the profit instead of writing a new round of calls so close to the end of this cycle. I was regretting that as it rallied late today, but the daily chart BB-RSI picture, along with the morning pull back and general market weakness fooled me into thinking 9 was the top for a while. The weekly RSI is still pretty low, but the BBs have narrowed and the upper BB has been touched. Last time it looked this way back in December, HLYW pulled back off the upper BB in spite of the low RSI. Several big blocks moved today (4x50K and 2x25K), and institutions seemed to be the major interest. The 50Ks look like double prints (where the MM posts both sides of the marked up trade). Not sure which side the institutions were really on, but the big volume was early, below $9. I'm not convinced the big guys are buying at the higher prices. That might just have been a bunch of daytraders driving it up. Even I tried to get it at the breakout, but I was too slow and missed. thomsoninvest.net Dan

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