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Strategies & Market Trends : Option Trades

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To: Broken_Clock who wrote (621)	2/4/1998 1:03:00 AM
From: RSAMBER	Read Replies (1) of 2341

DAVE: Re: your suggestion on T A. Have read 2 pretty good books and have 2 more on hand. Fascinating stuff!! Greatly reinforces my own (VERY CRUDE) ideas along the same lines. I entered the market hoping to profit from what I observed tobe cyclical movements not necessarily tied to sound reasoning. ie. company strength, future growth.... When I bought Ethan Allen, (May 40 puts) it was going straight up. AS dumb luck would have it, it more or less topped just after my purchase. It has since formed what appears to be a double top when viewed on a 1 or 2 yr computer generated chart. At the very least, there seems to be resistance at about 49. Could that rise be a reverse earthquake and if so can we expect a pretty good fall on the other side?? No plans at all to bail at this time. What is your opinion of this formation??? I have been watching Triton Energy (NYSE "OIL") since xmas. "strong buy". Decent volitility. Currently near 52 week low.... Correct me if it has not in your opinion formed a text book inverted head and shoulders as of this morning. I am having difficulty finding a "sure" winner so I am trying a couple of combinations. Bought slightly out of money put and call on OIL and FP. August and March respectively. If all goes well, I will pay for the FP trade at one or the other side (put or call) and also catch a bounce back and profit there too. Overall FP is trending sharply down and within that pattern are several 10 or more point bounces up and down. If this continues, I win. I Have looked long and hard at same strategy (combination) on WFC which has been very active since its recent news. My problem has more to do with reluctance to pay huge premium than lack of confidence in result. Also been watching DIS which is showing some resistance at 108 ish after a pretty good rise. I profited nicely the last time it fell but am content to just watch at this time. Any thoughts?? Thanks again for your friendly advice and comments. Hope to report a killing or two soon. rsamber

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