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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: allen menglin chen who wrote (115084)	1/12/2001 12:44:25 AM
From: craig crawford	Read Replies (3) \| Respond to of 164684

>> Craig, if my memory is correct, Greenie cut rates in Oct 98 while DOW hit the short term top. << Well the market rallied ahead of the cut because there were rumors and the rumors turned out to be correct. When he actually cut it just poured gasoline on the flames. >> U were learning option trading, and selling cheap AMZN calls when it hit top trading range that day << Not true. I knew how to trade options although I never stop learning. I've never wrote naked calls or puts on anything ever. I had been buying deep in the money puts on AMZN because there was no shares to be borrowed (should have told me something) and OTM's were too pricey for my taste. >> Your naked AMZN calls got u killed when Greenie made a surprise move << Nope. Better go back and read the thread. I had puts on AMZN at the time but have never written naked calls/puts on any stock period. I don't believe in writing naked (unless it is such a small amount you don't mind being assigned the position) >> and wiped out most of your 98 gains. << I was up several thousand percent at the time so it was ok to give back a hefty amount of gains. Interestingly, I covered my AMZN shorts for hefty gains and went long the day the market bottomed. I bought 7k shares of DELL and 2k shares of INTC. Man oh man, if I only knew that Greenspan could juice the market higher and save the world back then I wouldn't have got spooked and switched back to shorting AMZN! I had the bottom right in the palm of my hands and I let it slip away. Oh well, you live and you learn and you come back even stronger. Too bad I got spooked out of these positions! (This all occurred on Oct 8th, the day the Nasdaq bottomed) Message 5953391 Message 5953564 Message 5953787 >> Sorry to remind u about that trade << Heh, I don't mind, I was about ready to dredge some of those posts up from 1998 as an example to bears that you don't fight the Fed (at least in the near-term) no matter how bad it is out there, if he is serious about the market going higher. I think Greenspan is finally serious about wanting this market to stop going down, he knows it is too important to the economy. >> I think u learn the lesson, and traded very smartly by buying cheap calls in late 99 and made a killing. << Oh you bet I did, I learned that when Greenspan opens the spigots and begins pumping money into the system you get long. He started running the printing presses because he panicked ahead of Y2K. What, did he think people were going to take that money and buy generators? Hell no, Y2K was a sham. People took all that money he gave them and bought internet stocks! He's doing the same thing now pumping lots of money in so it's a stupid idea to fight him and go short if you ask me.