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Non-Tech : The Critical Investing Workshop
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To: Voltaire who wrote (1548)1/28/2000 8:21:00 PM
From: jmac   of 35685
 
I guess I am retail and fear is an understatement. I feel that capitulation in me. I am seriously trying to figure out what the hell to do. From euphoria on 1/3/00 to despair on 1/28/00. Unreal. Can't sell covered calls. The premium has been zapped by 75%. They are too cheap to sell. Puts are almost at parity (130 puts are at 22 which is 108 on the stock). I guess you could buy them but now if there is a kickback rally (dead-cat bounce), I'd really regret it.

I am thinking of selling my shares and buying July 100 calls. At least the downside would be a little easier to take and if we explode back to the upside in the next 6 months, I won't car about the 15 points i give up in the swap.

I have been in this game for 20+ years and this is the first time I am truly stumped to find a way to protect my rear.

So much for my move to a nicer neighorhood. I needed 190 on the Q to get me there. Truth be told though, I probably wouldn't have sold had this stock gone up after earnings.
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