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

To: marginmike who wrote (103434)	8/30/2001 3:47:59 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 152472

Sold my QCOM puts today. I had initiated the position on 7-13, with the stock at 65. They were January 65s; with the rapid loss of time premium that happens when an option is within 6 months of expiration, I only made a small profit. QCOM looks like about the most overvalued of the stocks I follow. It's about the only stock left, where investors are still pricing in immunity to macro and sector trends. I've won every other bet I made against an "immune" stock, this year. I will reinitiate puts, probably 03 65s, when/if the stock revisits the 65-70 area, which has been resistance since the February selloff. Then, I'll sell the puts in increments, at 60, 55, and 50. Stop-loss if the stock closes above 75. I'm also considering selling naked puts, 50s. I'd be willing to get the stock put to me at those levels and below.