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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile? -- Ignore unavailable to you. Want to Upgrade?

To: Lucinos who wrote (758)	7/1/1999 2:29:00 PM
From: X Y Zebra	Read Replies (1) \| Respond to of 1390

Long term, I am long SCH. This does not mean it can have the downs we have recently seen... which gives me reason to sell calls against my long positions, particularly with the size of the premiums in SCH. Now... On a daily chart.... Based on Fibonacci retracement support/resistance levels, there seems to be resistance at the following levels: 1).- 104.7 2).- 113.75 3).- 122.75 4).- 134.5 There are other important levels, such as 50 day moving average, ($99.6), and upper/lower Bollinger Bands, (which serves as a trading range, in this instance.... using a 20 day base, we have 81.125 as the lower band and 109 as the upper band)... In addition we will have option expirations on July 17, I do not know what the "Max-Pain" level is for Schwab, but sometimes, such number is where SCH would close on that day.... creating the Maximum Pain for option buyers.... However, if you are a long term holder, all of the above is mumbo jumbo gibberish, so not to worry.... Another fundamental factor may be the repeal of the Glass-Steagal Act, since SCH could be a target by a really big bank/invesment bank to have an instantaneous discount brokerage business --world wide. The real killer could be interest rates, and it appears we have avoided that killing arrow... for now. Today's trading at around 104, seems to give credit to the "resistance/support level as stated above of 104.7, may be as a result of "profit taking". Part of the reason I sold the calls yesterday..... I would not mind seeing SCH lower, so I could buy the options back lower, and then do it again before expiration.... Strangely, the FED may have assisted me in this, since volatility will increase, as the market seems to be caught by surprise, and it will be a while before they figure out what the [real] deal is.