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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (14977)	3/14/1998 2:44:00 AM
From: Mike McFarland	Read Replies (1) \| Respond to of 94695

Puts and dips... You're sure right about the speed with which the market turns back up after dips. I thought I'd trade some SUNW the other day when it went down $4. Thinking that it was trending down fast at the close, I figured I let it run down another buck or two the next morning before getting in. Sorry!-- Wham, back up $4 before I even got a chance. This market has shown remarkable resiliency, culminating with the trio of warnings, all pretty much brushed off. This cant last (we have all said that before). I have to say, you did help save me some money on the puts. Perhaps because I was looking for an excuse not to buy the real things, perhaps taking a cue from you several weeks ago, I decided that I would only mark down on paper the very best put idea I had at the time. On paper I bot 5 March AOL 120 puts for $6--they were a bit in-the-money, maybe that made the premium look like less to me, anyway, that certainly did not work out. I see AOL was up get again today. Oh it is going to be soo sooo hard not to get puts after the split--especially if it runs up a bit more right after... Anyway, throwing caution to the wind, I set aside my scratch paper...The puts I currently have are live ones. We shall see how they do next week, the MSFT puts were probably not too smart, but lots of Apple Columbus talk getting air time, who knows what will turn folks mood around. Feel better about the DOW puts, even if we only snap down a hundred or two I'll be able to get out of those with a nice gain (having got in so cheaply--has anybody noticed that not much premium is built into dow options for the nearest strike?) Good luck to all on your trades next week, they won't be laughing at us on the BK forever, every thread gets it's day.