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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Mr Logic who wrote (3842)	3/2/1998 12:04:00 PM
From: Ploni	Respond to of 18691

No; I'm not happy, and my timing wasn't so good. I bought the SEBL puts last Tuesday, when the stock traded 54-56, for 1 5/16. The stock then skyrocketed, and after falling this morning, it's still in the 55-56.25 range, and between that and the loss of time value, I'm still in the hole. I entered a day order to sell my puts at 1, but don't know if I'll be filled, as by the time the broker got it in, the bid had dropped. I'll see. It seems unlikely that the price will drop further, but one never knows. Usually the acquiring company takes a big hit at first, and then slowly recovers over the next few days/weeks. Incidentally, SEBL opened only down a point, and there was a great opportunity for people to short and then cover later when it did hit minus five points. But who knew that would happen? With valuations being what they are today, it wouldn't have surprised me if SEBL had stayed only down 1 point, or even gone up. They are actually getting a good price on the company they are buying, compared to what it had traded for before, and compared to SEBL's own valuation.