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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!!
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To: Yiqun Xie who wrote (3260)4/2/1998 11:40:00 AM
From: DanZ  Read Replies (2) of 6565
 
Yiqun,

VLSI closed above the upper daily bollinger band yesterday and this constitutes a break out on the daily chart. The next resistance area that I look for is the middle weekly bollinger band. It is currently near 21 and declining slightly. This is why I think the stock might run into resistance near that price. In addition, options expiration is coming up in 11 trading days and I have a feeling that the stock will settle near 20, making the April 20 calls basically worthless. Therefore, I'm looking for a trading range between 19 1/2 to 21 over the next couple of weeks. If however, the stock closes above the weekly middle band at 21, then I will increase my target to 25. Being a short term trader, I take small steps when looking for resistance areas but I do think the gap will eventually be filled.

By the way, I sold 1500 shares today at 20..bought them at 17 1/2 on March 23. I'm also trying to sell the April 20 calls at 1 (covered calls) on my remaining 11,000 shares because I'm betting that the stock will not be above 21 when they expire on April 17. If I get filled and the stock goes to 25, I'm still happy. I bought it at an average price of 18 3/4 and selling at 21 within a month isn't too shabby.

Good luck,
Dan
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