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Strategies & Market Trends : Options
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To: cthruu who wrote (3203)2/18/2000 12:17:00 PM
From: cthruu  Read Replies (2) of 8096
 
Biotechs have been on a tear lately since the DNA mapping on Dec.2. Some of the real Gorillas in this group are AFFX,IMNX,DNA,AMGN,HGSI and a whole host of others.

Even though they look extended now, I believe this sector will be like the Internet sector in 98-99. They are quite volatile and excellent candidates for short term options plays. Options open interests are relatively low for many of them but I am sure they will go up.

March 280 puts for AFFX are at 27 1/2 x 28 1/2 - HUGE premium. Just sold some. Resistance is at all time high of 315 and gap support is at 278. I am trying to catch the depreciation of the long weekend.
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