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Strategies & Market Trends : Waiting for the big Kahuna
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To: Oeconomicus who wrote (24271)8/14/1998 12:22:00 AM
From: Bull RidaH  Read Replies (1) of 94695
 
Bob,

If you want to go ahead and cover tomorrow and not have to think about it over the weekend and on vacation, I'd be looking to cover when you see the futures get to the 1065 to 1067 area (1061 Cash). A megaphone pattern projects to this area, and a smaller head and shoulders pattern does as well. We're likely to see a 5 to 10 pt. reversal anyway once this area is hit, so the best time to close out puts would be on the first visit to avoid premium erosion.

Now if you want to be a little adventuresome, you may want to consider holding 20 or 25% of your position (especially if you'd be selling at a profit tomorrow) into Monday/Tuesday time frame, and just put a GTC limit sell order in for 35, which would correlate with the minimum target set for this wave 5 progression. That way, you wouldn't feel like a schmuck for selling out of all your puts right before the big one. Good luck, and tell me how it goes.

Regards,

David
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