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Technology Stocks : Apple Inc.
AAPL 278.06-0.2%Dec 11 3:59 PM EST
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To: Li Cai who wrote (6040)11/9/1997 8:41:00 AM
From: James L. Fleckenstein  Read Replies (1) of 213176
 
Li Cai, I have the same concern as you do, even though I am long on Apple calls. Let's face it, this is a speculator's play. Whatever happens monday is a promise of things to come not proof of good things recently accomplished (such as earnings). Spculators moves have been enough to buoy a stock price up in the past few years but as the mania bubble has substantially burst, all speculative moves deserve more rigorous scrutiny. I expect I will sell my November calls on the News and may well buy in the money puts on the first day peak, particularly if the overall market continues its downward bias. I am not an investor, if I was I might view Monday as nothing but great. As a trader, though, I suspect we are going to see some up and down action.
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