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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: Steve Fancy who wrote (2387)10/17/1997 1:45:00 PM
From: Randy Schmid   of 6136
 
Steve - this time my gut feels like yours - that this is the bottom.
That's the impression I get when I look at the down day and the market stumbling (oh, my poor tech stocks, except IOM), and see AGPH only down fractionally. My bull spread with Nov. 47.5s and 55s will make money above about 49 currently - I've legged in and out and in again, making some change to apply to reduce the cost of the calls. A nice 3-4 day bounce up next week and I'll be much more focused at work.

Also, FWIW, got Dec. 70 puts against Pfizer. The TA guys on the AOL thread are all ready for a pullback, and are looking to get in again in 3-4 weeks below 60. The fact that PFE couldn't squeek past 68 on solid earnings during a happy market also reads like a top. This will be my first put options play.

BTW, appreciate your posts in the Newbies section on Options.

Regards,

Randy
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