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Strategies & Market Trends : Continuing the IFMX discussion and more...

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To: Melissa McAuliffe who wrote (134)	9/4/1997 1:03:00 PM
From: Robert Graham	of 206

It looks like the price is holding above 60 1/4. This is a good sign. If this support continues, I think the stock may revisit its high for the day. Trading breakouts particularily if you get in late is always risky. It takes discapline not to be thrown by the minute by minute girations of the price. It also takes a plan as I believe all trades do. My plac for this trade was to net over 50% return with a target of 100%. I had to alter my original plan for this trade since I was only able to pick up 2 instead of 3 options. This alters my profit/loss profile for this trade which makes greater than a 50% gain important. Otherwise, I would of sold the option by now since a 50% gain in a day would be IMO foolish to turn down. I could of (an still can) make another trade on this stock at a later date. I see the recent breakout of PSFT may relate to news that came out about how this company has signed up something like 22 financial service orginizations. Also, in the past two days, analysts have come out with a "buy" and a "strong buy" rating for this company. It looks like their growth in the foreign markets is getting some attention. However, PSFt is becoming "top heavy" with analyst "buy" ratings even though there appears to be a good spread in the analyst earnings estimates. I see this as a developing negative contrarian type of indicator. It looks like the market is remaining soft which I think will be the case through the rest of the day. The employment report is going to be released tomarrw and this is normal market behavior receding the release of this rreport. Briefing.com is predicting employment and hourly wage figures that the market will adversly react to. Also, briefing.com notes that yesterday (and today) indicates no actual momentum has been generated by the market despite the gains on Tuesday. I think tomarrow will be a volitile day. Bob Graham

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