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Non-Tech : Invest / LTD

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To: Alias Shrugged who wrote (2653)	9/8/1998 12:29:00 PM
From: Thean	Read Replies (2) of 14427

Mike, good observation. I didn't realize that last Tuesday's top was the resistence of today. How close are they? While we still have the second half to play today, I actually would like to see one more retest of this resistence and fail. The drillers are subject to profit taking today and with their open high (if intact by close), it could mean a lot of them hit their upper BB's today. If we see continuing decline tomorrow (assuming they close flat to down today), then it would be another classic technical "inpenetration" and should be good candidates for short with the target being their recent lows (good for a double bottom play). However, if they rebound and close near the upper BB's today and continue on tomorrow, we could very well see a breakout upper BB surfing rally. Short term these are the two scenarios I am looking at and we shall know one way or another which direction they choose. Today's action reaffirms "Never Buy at Open". Wish I had the gut to "Sell at the Open" though. LT's stardate showed the crash will happen before the Sep 18 expiration so cheap Sept puts are still good risk, IMO.

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