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Technology Stocks : INTEL TRADER
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To: John Harton who wrote (9312)3/21/2001 10:53:54 PM
From: John Harton  Read Replies (1) of 11051
 
Re: Bottom fishing, one more thought..

What does anyone think of this strategy?

If one thinks we are near a long term bottom, and one has of course a well chosen shopping list, why not buy stock and sell near term slightly out of the money covered calls?

If you are wrong about the bottom, you collect a premium to lower your cost(and can continue with another call upon expiration).
If you are right, you would participate in at least ~10% of the first leg up in the recovery. And can then jump on the train there.

I'm still looking at OEX 567 as a possible turning point, and 551 as the next lowest do or die support.

-John
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