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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (20185)	12/15/2002 5:52:26 PM
From: Abner Hosmer	Read Replies (1) \| Respond to of 30712

I don't do options much, but started buying about the same time you did. Started easing in in early Oct and then caught the bottom pretty well, but I took profits immediately on the second gap up, quite early as it turned out. I caught the drift down off the early Nov high and put that money in my pocket too, but then made the mistake of going heavily short when we approached the August highs for the third time. It gapped up on me and within 2-3 days I'd given all the profit back and then some. Finally closed that position with a good profit on Monday morning, but it wasn't a pretty trade and it certainly kept my mind focused longer than I would have liked. Went back short Wednesday afternoon and covered everything on Friday, most of them in the morning and the one that I carried into the afternoon gave back profit. Was disconcerting the way many stocks refused to break on Friday and money flow on some of them looked pretty strong. I still have a bias to the short side but am inclined to book any profits quickly if something doesn't feel right. That second inside candle on Wednesday caught my attention. I've tried to trade those to the long side before and gotten burned each time. Hosmer