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Strategies & Market Trends : Canadian Options
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To: Jan Johnstone who wrote (4)1/21/1997 11:06:00 PM
From: kajtek   of 1598
 
I play only Bre-X now but watch very closely Air Canada.
I did not sell my Feb 24 puts today as I intended. I think if there is no news tonight it will decline tomorrow and maybe continue to do so the day after tomorrow. I should sell them within two days. Then I intend to buy Feb calls at the strike price in the money closest to share price (probably 21 or 22) The support is at 20.25 (assuming no bad news) I suspect that it will not go lower than 21. Anyway if it goes below 22 I am buying calls with a strike close to share price.
As a insurance I also intend to buy some out of the money calls (Feb or March 25 or 26) which are not expensive now. It will not cost much but they should bring some money if expected news about barrick/bre-x deal comes unexpectedly. Then the stock should jump above 26.

Regarding Air Canada. I have some ambivalent thoughts.
It is climbing so calls are tempting but I thing that it is going up quite rapidly (RSI is above 70) and probably we will see small correction soon which may flatten the rise and call options would start to loose time value without gaining intrinsic value. Should I buy puts at the start of correction?. Again correction may not be very dramatic to make money on puts.

I am still searching for good real time option and stock quote provider. Stockwatch is OK but there should be something better.
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