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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Daniel Goncharoff who wrote (4226)	5/19/1998 12:33:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 12617

#daytrader crowd trading options at the push of a button? Should be interesting. I would not want to be the MM, particularly if the day traders had push button access to RAES. The reason I am breaking my rule in trading an illiquid option is that this is the only deep in-the-money option available to write. I have reasonable confidence that this stock will be going down from here. The company that financed the cash flow of the company that I have stock in is not calling in their IOUs by converting the preferred stock that was privately placed with them into shares of common. This currently represents 15% of the outstanding (not the float) and he has warrants to total over 25% of the outstanding stock. His conversion price is $4 where the current stock price is $8. Not bad for a 2 quarter profit. So as soon as the volume of this stock moves up, this financing company will be unloading their common. Otherwise, there was no advantage for the financing company to convert at this point in time. The next resistance on the stock is 7.5 and then a significant resistance close to 6. The stock has been hitting its resistance at 8 today which has allowed my to execute 2/3 of my intended order. Hopefully, this will complete today which will protect my long position in the stock down to 5. Bob Graham Bob Graham