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Strategies & Market Trends : Shorts waiting to happen

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To: dppl who wrote (654)	9/9/1996 4:27:00 PM
From: Peter Shaw	of 852

Thomas, The path of least resistence on CPQ is down. The problem is the big institutions still love the company, and actually business should be ok for them. My play is on the runup it has had to date. Everyone was raising estimates adding fuel to the fire. Now guidance from the company is they are "not comfortable" with the upward revision. That prompted the short lived drop in the stock on Thursday afternoon. It has now retested resistence in the 58 1/2 area. I'm watching for a breakout to cover my Oct 55 puts, but I don't think I'll need to. Still looking for 52 in the next 3 weeks, so buying time with slightly out of the money puts could be the play. I made my money earlier on the in the money Sept 60's and that plays very well (better Delta so the stock doesn't need to move as much to make your money)... Cheers

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