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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (12671)10/24/1997 8:20:00 AM
From: Jason W.  Read Replies (1) of 50167
 
Ike:

I know you keep an eye on JBIL. The stock seems to be caught in a endless downdrft and yesterday broke down through its 100 sma at about 51 and through a significant historical support at about 50 1/2 to close on significant volume at 49 3/4. If the downdraft continues (it's been pretty steady since earnings with a drop from 71 to 49 3/4), the next historical support is at 40. Although I've sold covered calls on the way down, it hasn't been enough.

I'm holding a significant position and I need your advice on a protective position. I think the stock will rebound once it stabilizes, but it may not stabilize until much lower. I've considered selling the Dec 50 puts and buying the Dec 45 puts or just buying the Dec 45 puts. What would you do?

Thanks for your input.

JasonW
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