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

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To: Jonathan Thomas who wrote (12052)	1/27/2000 8:14:00 AM
From: Herm	Read Replies (1) of 14162

IFMX Well, IFMX came out with pretty good earnings numbers last night after the close. After-hours trading recorded 200,000 plus shares up 1 5/16s from the close. So, IFMX is in a breakout mode with the RSI just about a the IFMX peak and plenty of waiting sellers ahead. siliconinvestor.com Take a look at the overhead resistance in the IFMX chart set to a weekly profile. In particular, in the late part of 1996 and about to the first quarter of 1997 before the big dump below $15.00. IFMX will be fighting an uphill battle from $15 to $23 dollars. Why? Because all those who paid more than $15 two years ago will be tempted to sell IFMX in the coming weeks because this will be the first opportunity to do so. How much sleep have those investors lost over the past two years with DEAD MONEY in their portfolio during one of the most profitable periods in the history of the stock market? They will be chopping at the bit to break even and perhaps make a small profit if they can with IFMX. First, the chart tells me that the IFMX price will be choppy at best unless IFMX discovers how to travel in time and see what the competition ORCL is doing and come back and do it first and better. I don't think so! So, they will have to pay their dues and work for it. I think they can! Second, I believe IFMX will move into a new price range above the $15 to $20 for a while. Today, it will be an upward gap at open of perhaps 3 points to $16 to $17 and it may be a good time to lock in some CCs in the $20 range a few months out.

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