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Technology Stocks : INTEL TRADER -- Ignore unavailable to you. Want to Upgrade?

To: MonsieurGonzo who wrote (6582)	8/15/1999 11:07:00 AM
From: Berney	Respond to of 11051

MG, TM was being humble. He actually snagged 3 bones on CSC. It actually developed a very cute 60 minute trading channel. I'm not quite ready to make the move to the Index stocks, but avoiding company specific BS is making them look more attractive every day! I'm going to bring my F Phleet into port tomorrow wherever its positioned. I just see no reason to take the risk of a rotten CPI number on Tuesday. It's just too cheap to come out and be an observer. PBTB

To: MonsieurGonzo who wrote (6582)	8/15/1999 11:19:00 AM
From: Trading Machine	Respond to of 11051

Yu Betcha! CSC is in a real neat trading channel with the current top at about 66 3/8 down to 64 1/8 with intermediate stops at 65 3/16 which is the current 60 minute uptrend line. The 60 min. trend lines are real strong on this puppy. I exited Friday because 1) my overall policy of not holding over night, and 2) it hit the uptrend line at 3/16, and 3) the market looks strong for the majority of Monday, which says that CSC could cruise back up to 66 7/16 - 1/2 before it goes back down on Tuesday. Because of the probability of a W shaped recovery, if we get one (and I'm not sure that we will in the near term) I expect that we will re test at least 665 and perhaps 642 in the next little while. This is the reason that I will emphasize the short positions vs long. If a good long comes along I won't be shy either, say GE @ 102 7/8 on Wed or Thursday... I could have stayed with GE the other day, but my nature is (as Berney can testify because thats the way he raised me gg) to be in cash every night in this kind of a market. Witness the position he's in with F, down a coupla $ in a shitty market, and may be there for a while trying to recoup. TB says, and I agree that the CPI numbers are very likely to be BAD (BAD is not a trading symbol, it is bad emphasized! gg) if they include energy. Looks like the PPI was good because energy was excluded, so I say why not take out energy, food and wages all together, only include the good stuff? gg So with this rationale and the factors you just added to it says to me "go look for a good short, and maybe hold it overnight into Tuesday?" TB and I have discussed, ad nauseam, DIA, SPY and QQQ. And I am trying to wean myself off the path we are on - but its VERY difficult even to quit one good thing for a better one. Just the learning curve takes time and energy. I know this stuff is real straight forward to you, but think back when you were first starting out, hell I am just starting to short stuff to the same extent that I go long over the last few months. TB and I were joking last evening, in the first 4-5 months I traded I didn't use margin and didn't know what a short was. I was determined to get the long play with my own money down pat, and if that couldn't be done with the technique we had ironed out then it was time to stop right there. Almost 400% later I am open to suggestions and willing to learn, but I will keep the home fires burning the best way I know how. gg Having said all this, I will go look at some SPY options this week and as you have time maybe respond to a few questions? I have a funded account with Etrade so I can do some options stuff when we're ready. Next week I have to go fly airplanes, I have to take a bi-annual flight review which includes a multiengine and instrument currency check. Shouldn't need too much prep work but this is one area that one must concentrate on if one is to be successful! (very unforgiving environment and all that stuff) BTW most of the plays we make are for multiple bones. Because of the set up we are constantly waiting for, we SOMETIMES become impatient and go for the teenies. gg I would dare say that out of the 3-400 times I have played CSC in the last year the vast majority of the results have been for multiple bones. :) And if I would be more patient and quit running from corner to corner CSC gives a detectable multi-bone play a couple of times a week. Distractions are the killer diller! But ok, I promise to start concentrating more on INDEX OPTIONS! Thanx Steve, CU Paul K.

To: MonsieurGonzo who wrote (6582)	8/15/1999 2:55:00 PM
From: Berney	Read Replies (2) \| Respond to of 11051

MG, How about a favor! I believe your software is much better at projections of extent than what we're using. Looking at INTC on a weekly chart and drawing an upper trend line from the August, 97 peak, where do you show the line at now? Thanks! It is interesting to be looking at down side with the charts showing break outs. <g> However, I just see too many individual charts hitting or close to potential resistance levels. GM has an interesting trend line on the daily that it's bumping up against. Having got caught in the F busted pennant, I'm watching this one with interest. Another interesting chart pattern is IP. But, having spent a couple of hours talking with TM, I concede that life would probably be a lot less complex if we just focused on SPY, DIA, and QQQ. Your T + 3 is an interesting concept. Don has definitely convinced me of the power of the three day pattern! PBTB