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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: Kevin who wrote (29941)	12/2/1997 4:12:00 PM
From: Kevin Walsh	Read Replies (1) \| Respond to of 58727

Hey Big K, Mucho thanks. Now for something completely different - bt 5 KLAC Dec35c (KCQLG) @ 7. Looks to me like KLAC is completing the rt shoulder of a head & shoulder bottom (a skewed one at that). Bt the 35s because the prem was only a buck whereas the 40s had about $3 prem. >>Too bad I don't have CPQ pegged like Kevin W does right now....I woulda been out yesterday.<< I wish I had it that pegged to be out yesterday! At least I saw it and thought about selling the calls as it went above 66. I didn't because I thought there would be some follow thru today - didn't expect yesterday's upward momentum would turn on the dime like it did. My profits were halved within the 1st half hour. It didn't look good for a turnaround so I took the remaining profits. This time I'm cashing the profits and paying some debt - YEAH! Any thoughts on KLAC? kw.

To: Kevin who wrote (29941)	12/3/1997 1:28:00 AM
From: Esteban	Respond to of 58727

Kevin, Re:I'm glad you're enjoying our index discussions, and hope you'll join whenever you can. Do you trade equity options at all? You are perceptive Kevin. No, I don't trade options. I have been avoiding them due to the bid/ask spread size on a percentage basis, along with the other concerns about pricing that have been raised here lately. I have been trading SPY however, the S&P 500 spider on the AMEX. I think it's a great place to start. I was first attracted to index trading as a hedge during times I felt that the market risk was high. I could basically go to cash with one trade. I also have traded belweather techs using TA on PSE as a timing guide. I found that I was doing a much better job of predicting the PSE index direction than I was at reaping the benefits in the individual stocks. I've always felt that indices are much more predictable in terms of TA than single issues. So after back testing and paper trading, I'm starting out with the SPY. I'm a little sheepish about joining in the discussions since I'm only on my second index trade here. I do enjoy comparing my entry and exit points with you and TT and Nemer, and I appreciate that you post the support and resistance points you consider important. Esteban