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Strategies & Market Trends : Tech Stock Options
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To: Jerry Olson who wrote (26771)10/23/1997 7:56:00 PM
From: Tom Trader  Read Replies (1) of 58727
 
Hi OJ--I am doing fine though I can't say that my portfolio is as unaffected as yours seems to be.

I too have held on to all my positions though I did close out my short position in CYMI this am. Sold covered calls on PD and tried to sell calls on IBM, BAY and CSCO but did not get filled since I had placed my order at well above where it was trading in each instance. I am glad that I sold Nov 60 calls on JBIL when I did -- lowers my basis on the Mar 60 calls quite a bit and gives me the chance to do it again in Dec. If JBIL does not recover tomorrow, it could visit the 42-45 area quite easily.

I'd really have liked to see the market continue down for a few more days -- controlled selling like we saw today. That would help the sentiment numbers and provide a better base for a decent rally. The last rally was not impressive--and another failed rally like the last one could set the market up for a fall. I still think that there is way too much bullishness and a sharp sell off over several days will not only improve the sentiment numbers but will also offer entry at lower prices.

The semi-equipment stocks need time to base at these lower levels but I might just take a small position in them and then add to them down the line. Do you still like NVLS?

What do you think of EGLS--Joel recommended it and it does seem to be reasonably valued---would appreciate your thoughts on this stock.

Regards
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