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Technology Stocks : Network Solutions (NSOL)
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To: Cathedra who wrote (1223)6/22/1999 5:20:00 PM
From: pater tenebrarum  Read Replies (1) of 1377
 
Tom, i don't normally follow LSCC, but it seems to have consolidated into it's rising 20-DMA, in what looks like a minor fourth wave elliot-wise. if this interpretation is correct, it should advance again from here. i would take profits though at the time of the FOMC meeting and sit the week thereafter out. regarding MSFT, i'm long the stock myself since it broke to the upside from a saucer-shaped consolidation pattern and intend to hold on until the cycle high on june 29. unfortunately there is a lot of call open interest at the july 85 and neighboring strikes, so they will try to push the stock toward that strike at or before expiration. you may have been a day or two early with buying the call, but as long as you are prepared to take your profit quickly (once again, the cycle high might be a good time to do that) i think you'll be doing o.k. with this one. don't hold the calls beyond the end of june though, as time decay will start to bite from the beginning of july. technically MSFT has run into short term resistance yesterday and seems to consolidate now. there is an outside chance of a more bearish interpretation as a right shoulder of a large H&S pattern may be trying to form here. a breakout above 90 would negate that possibility and would lead to writers of the calls hedging their positions by buying the shares - in that case 95 would be a reasonable target. be careful though - the forming of a right shoulder is still very much possible, in that case a decline to 75 could be in the cards; incidentally 75 is the put strike with the largest open interest and therefore represents strong support.

regards,

hb
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