Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: larry who wrote (10500)	6/24/1998 4:56:00 PM
From: space cadet	Read Replies (1) of 18691

Larry, my portfolio has taken a significant jump also as msft is now 50% of my portfolio. I too own jul 95 calls (great minds think alike ;~) but haven't parted with them yet. I agree this msft surge is getting a little long in the tooth. I may dump them tomorrow or sell covered calls on them. One great thing about msft: I am used to getting ripped off blind on the bid-ask spread on options. However, on msft because the options are so incredibly active the spread is minimal. What a pleasure and another reason to stick with Mr. Softie. I like to play a lot of games with options, going in and out, selling covered calls, buying them back, rolling months etc and every time the mm's take huge chunks of my flesh with their outrageous spreads. So I am really enjoying this rally this time. I too am waiting for 110 but I am getting a little nervous. Because my record with very short term options (i.e. July) is not anything to brag about. I also have Oct options that I got on sale a few weeks ago and those I am not nervous about (they've tripled so far). I need to decide soon whether to bail out of the jul or sell covered calls on them. Will study the option charts tonight to decide. I would like to end up with Aug options to cover the good earning news so that is yet another consideration. I agree with you that now is the time to short amzn or buy puts. Also agree that it will fall back to 85-90. If there is an opening surge tomorrow I may try to short amzn as the puts are usually priced out of this world. One thing to be careful about though is the humongous short interest on amzn. Some people are short from the 80's and 70's and they are probably starting to feel a lot of pressure to cover. Briefing has some sensible tips on how to short the internet hi-flyers (for a day trade) which I will try to follow. Once amzn is expected to start earning money it will be a great short but that's not for a few more years so till then, be very very careful. It's playing with fire.

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