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

To: George Mc Geary who wrote (34730)	2/5/1998 5:29:00 PM
From: donald sew	Respond to of 58727

George, Sorry I could not respond earlier. Sold the XAL FEB 710's for 21 5/8 at the very end of the day, which I got for 15 3/4. Still holding the XAL FEB 700's which I got for 15.50, which are now around 17 bid. I think the pullback just started today for the NAZ, which will pull the rest of the market down, hopefully. What many wont realise is that the NAZ reversed dramatically today. It closed down only 3.54 points from yesterday's close, but compared to today's high, it closed over 24 points lower - that is substantial. Even with the late day rally, I feel that we should be down again tomorrow. Technically, we should be down and tie that with the fact that tomorrow is a Friday, that may help. George, my charts are not updated yet, so I have to check where the technicals are. The XAL did close near its 10 day MA, so to be safe in this screwy market for both calls and puts, I will be either closing out tomorrow or at least be getting calls to form a strangle. I will definitely do one or the other. Keep in mind that technically the XAL was one of the weakest indexes. The OSX was still positive, but closed off of its highs. If the market is down, I may add to my OSX position in light of Crude rising slightly today and appears to have bottomed. The XAL PUTS looks good for tomorrow, but the way this market is moving, you never know. Seeya