MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: pater tenebrarum who wrote (33313)	11/12/1999 6:51:00 PM
From: Doo	Read Replies (1) of 99985

heinz: funny you should mention QCOM. I opened some OTM Dec. puts around 2:00pm. Volume is not extreme, really, for a blow-off climax run. But, I was watching the tape and nothing big all day long. It's a J6P move. I never buy OTM options, but this one seemed like a good risk. Took some Dec. 250 Puts at 2.375, and will add more (maybe higher) on a gap up or early run on Monday. We only moved 160 or so points in 7 trading days. Give back a fib retracement (even from 450) and even the 250's will show some appreciation. I like the trade.

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