VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: lurqer who wrote (30411)	2/3/2001 5:41:56 PM
From: lurqer	Read Replies (3) of 65232

A couple of weeks ago and again last weekend, I tried to encourage a little Beano. With the recent decline I've closed most of my CC positions (they were near worthless). There are valid technical reasons to consider the possibility of a bounce soon (see earlier post). If we get a dip early this next week, I'll probably close the remainder. That's not because I'm convinced of an immediate bounce, but rather because of the possibility and the current low value of the calls. With front month calls, you want to be careful and not lose a profit. There just isn't time to recoup. I still believe (as stated last week) we're in a ST downtrend within an IT upswing. That said I'm not wedded to that view. In fact I consider this to be the first (but not the last) test of whether we're still in the 2000 downtrend. In that respect, the price action between now and options expiration should be carefully watched for harbingers of future market behavior. One of my earlier concerns, the COT numbers, was mitigated (but not eliminated) by users.qwest.net provided by LaVerne E. Olney. But the danger of the market's fragility should not be underestimated. With a "finger in the wind", I'm the lurqer

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