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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Casaubon who wrote (11838)	11/17/1999 12:40:00 AM
From: Dan Duchardt	Read Replies (1) of 14162

Casaubon, If I had seen it when it first cleared 9_1/2 with good volume I might have bought it as a breakout, but after betting on it going higher the last two times it got in the 9+ range I was not inclined to chase it. In fact, I sold my long position for a decent profit when it appeared unable to break 9_1/2 a few days ago. I decided not to sell 7_1/2 calls (that I regretted not selling the last time; sold 10s instead), and didn't want to be locked in with 10s if it pulled back again. I really didn't see anything recent prior to today that I would call an explosion. What I did see was one more in a series of retreats from the upper BB with high RSI and OBV on the daily chart, at a price in the 9 to 9_1/2 range, although I guess this time was different in that it didn't pull back so dramatically. All that is changed now. With this definitive move, I think your bullish outlook going forward has merit, and buying a pullback makes a lot of sense. Assuming you are right about the head and shoulders pattern with a neckline at 13, where does that put the target? (I've never taken the trouble to get that H&S numerology in my brain.) Dan

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