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Strategies & Market Trends : Drillbits & Bottlerockets
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To: AugustWest who wrote (3714)2/16/2001 9:25:39 AM
From: Don Pueblo  Read Replies (1) of 15481
 
I saw the COMP top yesterday afternoon. (double hump RSI)

I would have bailed on any long then. I also saw no short squeeze at the close, which indicated a lower opening this morning. We need a bounce up to around 2510 this morning. If the COMP comes up but holds below there this morning and then goes lower (which is a good bet at this point) I think you are exactly right.

I just checked on the OE on the Feb CSCO options, and the 30s, 35s, and 40s are still gigantic. With my limited understanding of options, this indicates to me that either lots of smart people have sold covered calls or lots of idiots are going to lose their premiums. I think it is the former.
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