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Pastimes : All Clowns Must Be Destroyed
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To: pater tenebrarum who wrote (35049)5/24/2000 6:59:00 AM
From: AllansAlias  Read Replies (2) of 42523
 
heinz, re: covered calls vs naked puts

I think it goes beyond questionable advice. -g- Their little discussion is predicated on the unquestioning belief that the prices have to go up from here. They may, but I would not be betting my portfolio on it.

I remember back in March when I was down 20% and was overtrading somewhat. I sold pretty well everything over a period of a few days after recalling a line from Market Wizards. The guy in question was talking about 1987 before the crash and all I remembered him saying was "Of course I sold. When prices take a shock like that and you do not know that you have to sell, you are lost."

There were a few rallies after I sold and I often thought that maybe I made a mistake. Now some of those stocks are 50% of the price I sold at.

Cheers --Allan
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