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Pastimes : Tidbits
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To: Dr. Id who wrote (256)6/17/2000 1:02:00 PM
From: PAL  Read Replies (1) of 1115
 
Dr Id:

The main reason I suggested writing CC when RMBS was at 85 was not only based on "Buy on rumor and Sell on the news", (the news about Toshiba came out before the market opened) but that day was expiration for options. Short covering was immense and that significantly contributed to the huge spark of the stock. Next week we don't have that option expiration short squeeze so a pullback might be expected. When that happen, then you can complete shorting a strangle by selling puts. Should another news come out, like Hitachi, then you can buy back the call, even at a higher price, which you can afford because you have collected the premium of the naked put.

Just a thought, and not intended for an investment advice.

Best of Luck,

Paul

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