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Strategies & Market Trends : Tech Stock Options

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To: kiwi who wrote (34648)	2/3/1998 6:23:00 PM
From: donald sew	Read Replies (1) of 58727

Kiwi, WFC - someone mentioned that there was some news on WFC today, and when I checked, Lehman Bros initiated coverage and classified it at outperform. I wonder and I bet that such news came out around 2 pm. Before 2pm WFC was topping out, and made 2 attempts at 120-120.50 range. Then around 2 it started sky rocketing to 124 range. I am presuming that could have been the news that pushed it above 120.50. I got in right at 120 3/8. I do not consider it that bad for my PUTS, in light of the way WFC gave back over 3 points at the end of the day with the DOW and the BKX still at their highs. Also, the technicals are so high on WFC - many forget that the recent lows were in the 291-292 range just 4-5 days ago. So WFC already rebounded about 30 points before that news came out. Just hope I dont get really damaging news for my PUTS like some bank buying out WFC. But with this recent upgrade/coverage initiated - it will limit the downside. Seeya

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