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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (38321)4/6/1998 10:38:00 AM
From: Patrick Slevin  Read Replies (2) of 58727
 
That's encouraging....from my point of view anyway.

I closed out half of my short less than 10 minutes after I put it on. Picked up 240 basis points. I thought discretion was the better part of valor, here. My stop is now to go flat, just below where I went short at 1140.60

I'm of a mind to aggressively short this all morning. I'm really not looking at the rest of the market; I just don't see this breakaway gap doing anything except inviting people to take profits.

Perhaps it's foolish, but I already have a cushion so there's my gamble. I do think, that if the market gets together on this and the futures pop the intraday high (thus far) of 1142.30 we could see a huge move in the SP8M....maybe to 1150.00, so the short side has a bit of risk for those playing puts, in my opinion.
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