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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Roger Louis who wrote (3907)8/15/1997 7:34:00 PM
From: Herm   of 14162
 
Hi Roger, VVUS is now selling at a 8% discount relative P/E for bio tech stocks. stocksmart.com Today's VVUS price puts it smack on the 50-day moving average. So, VVUS should begin to reverse direction within the next two trading days. There is no fundamental reason for VVUS to be down at this level other than the market apprehension and whipsaw prices. There may be a rally next week. But, there is going to be more of this thru Sept. and maybe into October. If you have CCs for the Sept. 32 1/2s or 30s you may look to cover and lock in the major portion of the profits and wait before writing the next CC round. We need VVUS to show some response at the 20-day moving average. If it drops any more it will sink way down to the 50-day moving average! That's the $20 price range. Like I said before, if VVUS has a stock buy-back program it HAS TO KICK IN NOW in order to stay in the running for the next rally. TECD finally gave me what I was looking for. A massive 3 point drop today. I really think it will bounce off the 20-day moving average around the $33 -$34 range. I have 6 contracts for the Sept. 30s which I will most likely be able to dippity doo (cover to close) and do some CCs again for the $35s strike price! Just as long as I keep lowering my net cost basis I'm a happy investor.
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