Hi Chen: Got your letter thanx, I will put your address in my book,
I was not charting AOL , didn't even know I would get the puts,
as when I bid them they were asking over 3, later when I found
they had come to me I was suprised. In as much as she was
about my target price..and I expected a kick about 2pm I had set
my bid low..and the 2pm kick didn't come so I thought I missed her.
I got her on a late kick, after a draw back..that worried me as
When I'v seen her kick ast the end of the day before I'v been hit
hard the next day. Well I just did a graph and it looks like the
kick was a fake out..they "gaped her up". She would not have
closed above 55 had not the market makers tweeked her at the last
min..it seems they held just enough shares back, and had
instructions to use them as fast buys in the last min to make her
close above 55..in thier mind that 55 blows away the "insider selling
charges last year, as it was at that price ,as she was falling" they dumped, and can now go into the court room and say.."see if they had not sold they could have got as much as we did "..that 55 was a magic number for them, today being a big party day and all they fixed it
so as that would be the icing on the cake.
Any way I thought she finnished strong but the chart looks weak,
I know I said I was going to stop this short term stuff, but my
little penny stocks were not moving today, all the action was in
the bigger stocks..the market shows up , but the amount of
losers out number the amount of winners..the gains were not broad
based so it's a bubble. I was also busy calling in and coming out
of my mutual funds..other than the pennies and my options I'm
now all bonds and cash, and ready to do some buying if we get
a retreat. You were right about the hard drives bouncing back up
I was not fast enough with free cash to catch them.
I should have dumped the funds Friday..they were not down but I
would have had some cash. OAKSX fin even for the day, LX was up
.06 , but they have had a nice run for 30 days..so I will let them
cool down. I use noloads , no fee funds..I pick one that don't
cost me in or out..( well I get 4 redemtions free every 6 months )
then after that it cost $25..but I got two accounts which gives
me 8..in 6 months and that's enough. They funds hate market timers
but me going via the broker they don't know I'm timing, my order
is pooled with others..and then Waterhouse holds the shares, in
short I don't deal directly with the funds..but buy and sell free,
waterhouse gets a small % from them that comes out of the expence
account. Its sorta almost like cheating, but I didn't make the
rules and in this jungel if it's not aginst the law you better
grab any edge you can get because the cards are stacked aginst
the little guy.
Jim
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