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Technology Stocks : Zitel-ZITL What's Happening
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To: Matthew A.Keefer who wrote (11480)10/9/1997 11:26:00 AM
From: Steve Robinett   of 18263
 
Matt, See my last post to BonniesGuy for my most recent Zitel trade, the Oct 25 puts. Beyond that, I turned up Zitel by working up all the stocks in the Y2K index looking for overhyped junk with options. Zitel was a little over $30 at the time and the best candidate. I bought 30 puts (strike, not quantity). Zitel tanked. I rolled down to 15 puts, cleared them for a profit and bought 10s for 11/16ths. I ate it on the 10s with the short squeeze that drove the stock up again. Obviously, this requires a bit of timing. Because of my opnion of Zitel's fundamentals, I would find it difficult to buy Zitel calls, ever. As I said to BonniesGuy, so far, my opinion of Zitel has put a couple of bucks in my pocket and given me more entertainment than any other stock I'm involved with. I'll almost be sorry to see it go into the pinks.
Best,
Steve
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