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Strategies & Market Trends : Tech Stock Options

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To: Tom Trader who wrote (27314)	10/28/1997 8:08:00 PM
From: Brad Hill	Read Replies (2) of 58727

Hey Tom--I'm betting you're right about tomorrow's trends. I followed Kevin's indicators this afternoon and bought a single SPX call (big spender, I know) which I'm nervously holding overnight. If Asia recovers somewhat and the S&P futures hold at present levels or higher, i expect tomorrow's market to be jerked upward at the open. Then it's profit-taking time quick before the retracement. I hope you're right for the same reason you do--I want more time to find good entry points for mid-term and long-term option positions in some of the tech companies that have gotten throttled. The larger, longer term question is what the markets will be like from this point onward. The chic commentator attitude says that the days of 20 percent annual gains are over. What I wonder is whether the volatility is over. If the market really smooths our after this trauma is finished, I'm concerned it'll take option MMs some months to adjust premiums downward accordingly, and during those months we'll all get burned. This is a question that's been lingering in my brain for a while, and now seems the time to ask it. -- Brad

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