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Technology Stocks : Ascend Communications (ASND)
ASND 210.50+0.5%Nov 21 9:30 AM EST
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To: Glenn D. Rudolph who wrote (23622)11/15/1997 11:31:00 PM
From: Harry Ehrlich  Read Replies (2) of 61433
 
There's one aspect about being in cash that I really appreciate. You can stay active in the market; day trade like a maniac; and sleep at night.

My main dilemma is that of my mutual funds, which make up half my portfolio. They show a decent profit for the year (although that profit was double back around August).

I've been watching the market action and the options tables. While they say nobody is powerful enough to manipulate the market long term, it can be manipulated short term. The calls on DJX seem to be clustered around 80, puts around 75. While the Dow can't be easily manipulated, I believe those options are where they are because they are aligned with the options for the stocks that comprise the Dow.

I'm not sure how to interpret those options, there is more action for the puts than the calls. Possibly, the market will rally to 8000, rendering all those 75 puts worthless as well the calls at 80 (not much action on the 75 calls). I'm not perfectly clear on how that works. But I feel comfortable that the Dow will stay between 7500 and 8000 for the week.

Once expirations are over, I'm nervous about the market. So, back to my mutual funds. If the market rallies through to Friday, I was thinking of selling out all my funds on Friday afternoon, taking the profit.

Anyone with any input on the options play for DJX, I would appreciate it.

Harry
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