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Strategies & Market Trends : John Pitera's Market Laboratory

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To: JDinBaltimore who wrote (395)	3/10/2000 6:22:00 PM
From: GROUND ZERO™	Read Replies (3) of 33421

Hi John, To my surprise, there was no follow through whatsoever... I'm amazed, but all this having been said, a new short position on the close today is the way I would play it after a nice trading rally over the past few days... more than just a short position, I would also short the June 1420 calls and short the June 1420 puts and short the June contract also... this would give me a covered short put and a naked short call.....there are 60 points premium in each of these options that translates to $30K in premiums per group of positions placed even if we did nothing but chop up and back for a few weeks... this market is ideal for these kinds of positions..... unless I'm way off, I think we could see more selling next week... if we blow through today's highs, then just reverse the contract to a long position and keep the short options on both sides... the bonds broke lower today out of that formation... we'll see.....<g> GZ

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