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Strategies & Market Trends : Harmonic Trading with The Phoenix -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (77)	11/19/2002 7:54:56 PM
From: Jeffrey S. Lillie	Read Replies (1) \| Respond to of 941

Hello Phoenix, I like the pitchfork thingie. I have a couple questions for you after reading the last 10 posts. First of all, I also went short the spx via dec 925 puts shorlty after the open on Monday. I felt we would get a move of 15 -25 points. The 15 were achieved as of the close monday, but the nature of the close led me to belive there was anoher 4-6 points down in the am based on some historical stuff i have been working on. Good news is we got it. Unfortuately (if we go up at open WED) i didn't close any of them out. Was expecting a rally but only to about 900 so was a bit surprised by the next 4-5 points. The rest of the day went pretty much as expected until the last 20 min rally of 4 spx points. When all was said and done after the close, my indicators say we have a good chance of another 8-12 points downside in the first hours of trading wednesday. That would still be within the confines of the pitchfork if im not mistaken. So after all that, here are my questions. why did you close out the last third of your puts even though you had already nailed down very nice profits on the other two thirds and felt that there was a good chance of anohter 10 points left on downside? also, what would it take to break the move to new highs that you are looking for? Would a break of 888 in am and close around that area be enough to open up the possiblily of lower prices? thanks in advance, jeff