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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Herm who wrote (13634)	2/23/2001 8:29:48 AM
From: virgil vancleave	Read Replies (2) \| Respond to of 14162

Hello Herm and all: Sorry to say it this time, but if you have been long, you have been wrong and your portfolio hurt pretty badly. The move down is in full force now and pretty strong. In fact, I can easily see an 1800 to a900 coming on the naz with the internals and technicals getting worse as we go. Unfortunately, the down move has a ways to go in my opinion since many of the gross overvaluated stocks are still trading at nose bleed levels. The 1800 level is pretty important on the naz, as if it breaks, there is much more pain to come and we could well be put into a depression. I have no long positions. Just can't bring myself to buy even thought soem stocks are starting to get to attractive levels witth the stoock price at near cash in the bank levels. Timing is crucial and when I see the internals and technicals change I will post my opinion. I am no longer short sfnt, although I think can have more downside easily since it still trades at 40+ times revenues. I also covered my ppdi a day too early since I saw what I think is a better opportunity. I am short cima at 71 1/2 and look for a move to at least the 50's, which is where I will cover although with the nosebleed valuation on it it could easily go lower. No need to get greedy as there is always another opportunity out there. igt still looks attractive on the short side. With a debt to equity ratio of over 6, it will suffer in this time of inflation/stagflation. Today looks to be a key day as stocks are looking quyite weak this morning. The 2000 level is psychologic support on the naz and we may actually get close to that today if things don't reverse early morning. Futures are bad and getting worse as I write. Anyway, I hope this helps. I will try to post with some links as I can see it is very helpful. Herm does a very nice job of doing that. Good luck all.