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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin! -- Ignore unavailable to you. Want to Upgrade?

To: jjs_ynot who wrote (4468)	4/15/2000 6:25:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 7434

I don't have one as yet......the professional traders I was speaking with today all seem to feel there is another large gap down on Monday. I'm divided on it for a couple of reasons, even Lunatic Reasons.....it's a Full Moon. At this point I'm thinking that when Globex Opens I'm putting in a Stop at 1379.50 or thereabouts, then if it drops hard around the Open I'm covering my Short and stepping back. I think......just a hunch at this point, that it may be a drop worth buying. Whether it looks that way in the patterns or not I'm pretty sure I will be at least Flat Monday morning. I don't care to run the patterns out until Sunday nights because it gives me two days off. But I think they may be correct, it drops on the Open. The only reason I think it may run up from there is the Lunatic Cycle. Hardly a scientific way to predict. You reminded me of a conversation I had not too long ago, I've been meaning to ask certain people if the logic is true. Someone asked me how extended I was on margin and the fact is (with regard to stock) I don't use margin. A fellow with me mentioned that professional traders don't use margin on their own money. This struck me as unlikely, so I've a mind to check that out. The source would be good, except he blew up while trading on the AMEX floor in 1987. So I don't know what to think. Here is a fellow who blew up telling me the pros don't use margin. Whatever, I don't use margin on stocks. I think a good broker is careful with their clients and knows when to advise clients to reduce margin. Anyway, the margin requirements I posted were for Futures traders only, I think. I have not heard of anything on equity traders....yet. Now that it's in my mind I'm going to ask around about it. It would be interesting to find out if that's in the wings.