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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (2129)	6/12/2000 5:37:00 PM
From: GROUND ZERO™	Read Replies (2) \| Respond to of 33421

Hi Jerry, I agree with you in sentiment and in principle... when trading the futures contracts, we have to be very nimble or we're toast...<g> I'm short some September SP 1490 calls, but I just don't want to hold long positions of those contracts as the market keeps testing new lows... certainly, these markets could bottom overnight and we could have a huge rally starting tomorrow morning, but I could always buy back the contracts before they approach my strike price 22 points above today's closing price... I won't miss the move up, I just don't want to continue staying long with the kind of close I saw today.....BWDIK The bottom line, I feel better being out at this point than to hope we turn up tomorrow on friendly numbers..... technically, there are too many people talking about how that 1450 gap has to be filled before any rally can resume... we filled that gap and closed below it... I don't like that action..... I really didn't want to close out a long position, but the market was telling me that I should.....<g> I follow what the markets are telling me, and they're telling me that the route of least resistance right now is still lower..... (sigh) My Best Always, GZ