Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Perfect Hedge who wrote (9863)	1/27/1998 9:47:00 PM
From: Broken_Clock	Read Replies (2) of 95453

Glen, I'm at the office again and don't have your email here.My IQ candle charts on a weekly and daily basis indicate to me that we are now basing and forming higher lows.Give the recovery a little time.if you believe the fundamentals are in place, then a safer tactic is go long and write covered calls.i started doing that in Oct and got slammed(didn't realize how far these could drop!).Valuation is now at a point where monthly call premiums are very protective at these price levels.Feb FGii calls give 10% protection.pretty good.I don't see FGII falling below 20 again.This looks like a very tradeable range if you are long and write on the rises and buy back on the dips.Time for me to recover some $ from FGII...ala Steve Sohn(good call Steve). dave

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