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Technology Stocks : All About Sun Microsystems
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To: JDN who wrote (24109)12/6/1999 5:05:00 PM
From: Alok Sinha  Read Replies (4) of 64865
 
Dear JDN,
Although I am enjoying SUN's ascent as much as the next SUN long, it may be time to be cautious (I know I have said it before - a number of times). With option expiration next week (and volatility incredilbly high on calls), I sold a ton of 150 Dec calls and bought Dec 140 puts (going for only 3 at the end of the day). The action in the last couple of days seems amazingly similar to the action in the week leading to previous split (coincidentally the stock price is at similar levels 140s). Last option expiration (Nov) I had to buy back my covered calls for a loss, and the deep out of the money puts I bought for insurance were also worthless on expiration day, so the strategy is definitely risky. The sudden precipitous drop last week (from 140 -128 for no apparent reason) made me realize that the stock is being driven my momentum investors who will bail without much notice, and leave it to fundamental investors like Charles, Sonki, etc to provide support.

Good luck

Regards

Alok
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