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Strategies & Market Trends : The Covered Calls for Dummies Thread -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (2489)	9/24/2001 7:49:12 PM
From: alanrs	Read Replies (2) \| Respond to of 5205

Not that it matters, nor that you should give any weight to my opinion, but you really have jumped right in to the high risk options arena. Scares the cr*p out of me. Good luck though (& I mean that). I took my first loss on an option (2 contracts) last week, after a long, long winning run. Sold the RSTN Oct. 7.5's I had for about a $450 loss to raise money to buy back the few CC's I still had out. Actually ended up only $60 down, so not so bad-in a way it was nice to take the loss because now I don't have the perfect streak going to cloud my judgement. Sitting with only short puts (6 contracts) and long calls (11 contracts). Also put 22k to work on Wed. and 8K to work on Fri., all out of my fixed income ballast pile. Don't know if the bottom is in or not. What the hell, if the Afghanis can eat locusts and grass, I don't suppose a can of dog food once a week will kill me if it comes to that. Still can't seem get too interested in the calls, though. Too busy reading all the foreign affairs type threads. ARS

To: LindyBill who wrote (2489)	9/24/2001 8:01:05 PM
From: Brian Sullivan	Read Replies (2) \| Respond to of 5205

I agree with those that say you are taking a high risk approach. As a short term trader you need to be awake and following the market 9-4 Eastern time. You seem to have a made a bet that the market or at least the QQQ will hit new 52-week lows. It appears that you are basing some of this on the local Hawaiian economy. While I too am worried about the future of the economy going forward I wouldn't want to be making a big short term bet at this time. The market indicators say that this market is extremely over sold right now and we could easily have a 10-15% rally in the QQQ's.