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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (34402)1/29/1998 8:28:00 AM
From: kiwi  Read Replies (1) of 58727
 
Good Morning Don & D.S.G.,
We had to leave the house yesterday so we had sells in for our WFC calls and we were hit at 8.5.
It was kind of an unintentional chicken trade. We made our point and now look for the next trade. The BKX is forming a funky pennant that is giving us the willies. We did not like how CCI performed yesterday as well. CCI actually seems to be a better proxy for the BKX than WFC at this time.
We are up on our AMR calls and we plan on selling today. What is your take on AMR and the XAL, if you have a chance?
We think that the market is overbought, however the downside does seem limited right now with the strength the market is displaying.
Hope you have a good and profitable day.
kiwi
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