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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Herm who wrote (13541)1/30/2001 2:32:39 AM
From: virgil vancleave  Read Replies (1) of 14162
 
Hi again herm and all:
Just thought I would drop in and say hi again. I have been trading heavily during january and am up near 50% for the month alone. I started out completely long and even had some pcg until a few days ago. Now, I have once again became the "bear" and have no long positions. In fact, I am 100% short and using some margin. I think no matter what greenspan does, it will be a negative for the market. A 50 basis point cut spells big trouble historically and could signal that things are worse than people think. On the other hand anything less and there will be disappointment followed by a fall. Either way, it looks like a "buy the rumor, sell the news" kind of event.
There are still some companies trading at valuations which are extremely high and have interesting chart patterns. emlx and aeos have just formed what looks like double tops. emlx trades at 40+ times revenues and aeos at around 3 times (which is quite high for a retailer, especially during an economic slowdown).
Another reason for now being short. The trend is down now, even though we are trading at the top of the downward trendline on the general markets. That being said, the trend is usually the direction the market takes, at least for the short term. Also, I am not finding very many stocks that I would buy presently, at least using a valuation model.
Just my opinion here, but I do try to post when my market positions change. Time will tell again if I am right.
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