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Strategies & Market Trends : Options 201: Beyond Obi-Wan-Kenobe
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To: jt101 who wrote (388)2/13/2002 1:01:38 PM
From: J. P.  Read Replies (1) of 1064
 
<<I am looking at MIR as a bottom fishing case>>

Why bother? The idea is to increase your chances of succeeding and put money in your pocket, not to speculate. If you want a bull spread find a strong stock in a sector with a strong bullish case in an uptrend or at an inflection point. Inverse for bear spread. Or build a neutral spread.

Not saying the timing on this one is right, and not recomending a bull spread on this one exactly now, but this is a what i mean by a bullish stock:

stockcharts.com[m,a]daclyyay[dc][pb50!b200][vc60][iUi14,3!Lh14,3]&pref=G

It may crash tomorrow for all i know, but as an example I'd see how the stock acts at support at the 50 DMA and resistance at 42.5 around the new high and act to time my spreads accordingly. This is only one example, there's thousands of stocks out there. But I don't see the sense in trading a broken down stock. FWIW, just killing time here posting on the internet, do your own due diligence.

EDIT: It's my opinion that you have to do the TA on the indices themselves as well to determine whether the backdrop of the market in general will support a bullish or bearish move by the individual issue. Then couch the TA of the issue in those terms. Lot of work, but you know money doesn't always come loose easily....
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