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Strategies & Market Trends : Tech Stock Options
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To: Leland Charon who wrote (44176)6/1/1998 12:19:00 AM
From: Patrick Slevin   of 58727
 
I did not look at his site but aside from being the dark about what "handles" are, I understand his logic.

Normally I would have reacted in similar fashion but because I was ahead about 8 points on my trade I closed out all but 1/4 of the trade. Logic is, the remainder of the position would have to go against me 3 x 8 = 24 full S&P points before I would have an adverse affect with regard to whether or not the trade was profitable.

His point about 1987 is precisely why I left something on the table with little risk. The potential for problems over any given weekend these days lends me the impression that Friday's last hour is not whacky at all, rather it is a predictable hour where longs would naturally back off in the face of an uncertain weekend. Unless the day had been down throughout, the likelihood was for a late selloff. His rationale, other than the fact that he does not take into account market psychology, is reasonable. He is taking advantage of spikes and is wary of late hour trading.

In this particular case, he may have missed an opportunity because his system does not take in external events....always a problem with strictly following a system. News-driven events have the potential to create swings unforeseeable by systems.

I'll check out the site he has in a moment.
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