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Strategies & Market Trends : Stochastics
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To: Roger Hess who wrote (336)3/12/1998 8:36:00 AM
From: Wayners  Read Replies (1) of 927
 
VLSI is right at a level which should be providing support. Traded a little bit below that yesterday. The volatility got really high on the last run down in price from $25. That high volatility peaked about 4 trading days ago. That's when the bollinger band width dipped back inside the upper bollinger band. Since the volatility peaked, I believe that the support will hold about where it is now. The 5 day stochastics are starting to hook down again from high within in its own bollinger bands, so I'm not expecting an immediate rally or anything. Expect it to hang around current level plus or minus a few bucks until the volatility is fully decreased. If you shorted VLSI write puts. If you are long, write some out of the money calls for say the $20 upstrike. The volatility got high, but not high enough in my mind to spark any strong countertrend rallies to the upside.
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