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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Herm who wrote (9935)3/13/1999 10:28:00 PM
From: tuck  Read Replies (1) of 14162
 
Herm,

Could I get a little chart reading assistance from you here?

I am long PAIR with a cost basis of 9 5/16. The stock just got upgraded and has popped to 9 15/16. So it's tapped the upper BB, but the RSI is still in an uptrend from mid twenties to 44. It looks like the next resistance point is in the mid eleven range. So do I wait for the stock to hit that and then CC, or CC now? Based on my intellectual side's reading of the RSI-BB relationship, the uptrend should continue to that resistance point, so I should wait for that. My knee-jerk conservative side says that the stock has jumped 20% from recent lows and could easily give some back. There's so little time premium in the 7.5s that the 10s look like the obvious choice, the question is when.

Incidentally, I called CHRZ too early, as usual. Now looks like a good time.

Thanks in Advance, Tuck
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