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Strategies & Market Trends : Tech Stock Options
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To: Jerry Olson who wrote (26251)10/18/1997 12:03:00 PM
From: Tom Trader   of 58727
 
Hi OJ--am about to head out for the weekend and won't be back until Monday pm

I think that that the next rally should be a decent sized one-- assuming that the bonds cooperate. Not sure how much down-side there is now but the sentiment numbers (EPC) are looking the best that they have in a while--better than they did even when the market recently went down to the 7600 level. I really would like to see the market decline further before it rallies and preferably take out the 7600 level but I am not sure that it will.

I am placing GTC orders today on some of the stocks that I talked about and a few others to sell puts out in time--so that if the market does decline my basis in the stocks will be quite a bit lower if they end up being put to me. I will buy calls in the stock after the market stabilizes and I have a better sense of where how the bonds are going to fare. I am also buying some out of the money OEX puts half for November and half for December--just in case the market absolutely tanks--and that will protect me in terms of the aggressive put selling that I am dong on individual stocks.

Will get out of my OEX calls that I bought on Friday -- at a little bit over where the market closed on Friday.

Have a good weekend and good trading day on Monday
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