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Strategies & Market Trends : Waiting for the big Kahuna

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To: Jodi Segal-Lankry who wrote (10815)	12/3/1997 7:29:00 PM
From: William H Huebl	Read Replies (2) of 94695

Hi Jodi, Boy do YOU have a basket full of issues in THAT post... but it is absolutely GREAT that you asked... some people are too afraid to ask questions like that and I KNOW you will get responses on this one. Lets take the last first... this is your first options play... GET HELP! I would highly recommend books and especially something like Bernie Schaeffer's IRI subscription for 2 years... comes with a cassette tape and some REALLY informative booklets. I wrote down EVERYTHING HE SAID ON THAT TAPE. I recommend you do likewise... you wouldn't be holding S&P puts if you did! The puts are valid up through the close of the trading day on the 19th and I believe you can exercise as late as Saturday... but I am not sure about THAT one... you might check your broker if you have one. And lastly, you used the word CRASH... I can tell you, when I first started trading options, I saw a crash around every corner... I DID make a few bucks in the 89 sell-off... BUT I HAVE PROBABLY LOST UPWARDS OF $100,000.00 WAITING FOR THAT ELUSIVE CRASH. Please, oh please do NOT make the same mistake. YOU NEED TO GET A GOOD FOUNDATION IN TA... My read on the market DOES include a strong sell-off in the markets by expiration... but whether you can benefit from it depends on too many things which are as yet undetermined... like how bad a sell-off is coming??? I hope that helps a litlle bit. "There are old options traders and there are rich options traders, but there are no old, rich options traders!" That expression comes from WS and not from me... so take heed... Regards, Bill

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