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

To: smolejv@gmx.net who wrote (8522)	6/9/2000 9:55:00 AM
From: John Harton	Read Replies (1) \| Respond to of 11051

Hi DJ have AMD calls since end of may and made ~30% on them. Why puts<< Based on (apparently flawed) TA I thought that the $SOX had short term topped and was due for a fairly precipitous drop given support levels. Playing AMD puts was applying the too far too fast theory to a stock that I felt showed, bearish candles, short term overbought and two gaps to fill. One ~86 (done) and one ~74. Of course the stock immediately gets an upgrade and the market likes the PPI. I sure can pickem lately<ng>. whats the bottom line on your spreads, John<< On my original QQQ straddle, the Calls are gone at small profit(2 days too early or the profit would have been 10x). The calls covered ~1/2 the cost of the puts(70s) which are now worthless. Lesson learned for me is that when playing a straddle it is somewhat foolish to expect to profit from both sides so that you better let your winner run til it covers your loser and provides acceptable return for the risk. I was thinking of restraddling(QQQ) as the June contracts got cheaper but reasoned that my long positions(including MSFT leaps, T leaps, and one aggressive HLIT, among others) provided an upside play while the AMD puts played the other side. I did play it on paper, however, and can give you the spreads and costs when I get to work tonight. Don't have it with me now. Now up ~6% since Jan 1 despite my recent stumbles. John