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Strategies & Market Trends : Classic TA Workplace

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To: CYC who wrote (51474)	8/28/2002 12:18:35 PM
From: AllansAlias	Read Replies (1) of 209892

Here's a better example. I help my partner manage his own account. He got caught looking the wrong way two weeks ago and was holding QQQ September $23 puts that he bought for $1.05 (or thereabouts). Now, in the rally these poor things went as low as .25 (ouch). So, just a while ago I phoned him and advised him to exit these. I believe he got .80 and .85 for these. That is an excellent exit/save. If the market were go/sideways up from here it could easily be another 6 or 7 trading days before we get back to these levels. Well, on a Sep put, by then he is losing serious money in time premium. If we returned to QQQ $23.70 in 7 trading days, there is no way he is getting .85 for these things. He was wrong on the trade. Now he has to repair. Just hoping that it dives to the lows and makes all the Sep put holders turn out to be geniuses is not the odds play.

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