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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: gdichaz who wrote (76217)	7/11/2000 2:39:14 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 152472

Appreciate passing on notice of your decision to me Should allow you to put aside thoughts of an "agenda". LOL! I really don't know when QCOM will start to climb back up. For all I know, it'll trade down to 45. But a short-put play with a 40-strike in Jan, with 4 7/8 prem, means going long at around 35 bucks. I can't believe QCOM will be under 35 bucks then! (Or under 40). So I look at it as a way to pick up easy money. Going long here in the low 50s, via common or calls, requires a bit more courage. I'd like to see a retest of 50 again. In the current case, stock bottomed at 51 1/2. That is because of all the people like me, who anticipated all the people that were anticipating 50. We say, "it ain't going to 50 in a straight line cuz too many buyers are lined up. So let's cut in line at 51 and change." Now if the stock really wants to go to 50, it will, and then below that if necessary. I don't really know one way or the other yet. But I figured a 40 strike in Jan is pretty fail-safe at this point, so I went ahead and sold the best bid on a 10-times. I could see an argument for getting more aggressive at this level, but knowing myself, if I overcommit here, I will be too scared to strike again at a lower point (e.g., mid-40s) if that occurs. Instead, by making a small move, I conserve "psychological reserves" so that I can move in progressively at lower levels. That is why, after opening puts at 60 and 50 last week or so, I closed out almost immediately due to poor stock action. Right now, it is so damn low I don't care. But I would rather see the stock trade up to 60 on GOOD news than try to catch a falling knife with a big move just yet.