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Strategies & Market Trends : The OEX... gasp!
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To: Patrick Slevin who wrote (526)2/12/1997 6:01:00 PM
From: William H Huebl   of 658
 
Hi Patrick,

You may think I know what you mean by "trading the wings" but I don't. I bought C calls today at 1/8 and they have doubled. I will sell half tomorrow at 1/2 and save the rest while C moves to a new high???

There are many reasons I have lost money in the past... you have to be perfectly right in nearby options and very close in your estimates as you get further out the timeline.

With MSWIN, I hope I can improve on my technical estimates... I announced on these threads what I was going to do this morning before the market opened based on the MSWIN package.

What did I do right???

- I bought call options on a stock in an uptrend;
- I waited until the sector and stock (actually GM) announced it was turning bullish;
- I waited until I thought the marketplace was turning bullish;
- and lastly, I picked a stock which could reasonably make decent money based on a combination of option values and volatility as well as positioned to move up smartly.

What did I do wrong?

- I bought the near option;
- I didn't wait for C to give me the signal, I relied on GM which was turning bullish;
- I talked about it... usually death to a trade... you'll either talk yourself out of it or someone else will.

At this point, I can't be sure I will make money on this position... but I will protect myself from losses by selling half tomorrow.

Regards,

Bill

What do you think?

And why do you think we will have a sell-off tomorrow???
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