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Strategies & Market Trends : Working All Day, But Trading Behind the Bosses Back Thread -- Ignore unavailable to you. Want to Upgrade?

To: Mark[ox5] who wrote (33)	1/22/1999 1:21:00 AM
From: Mark[ox5]	Read Replies (1) \| Respond to of 779

Thursday PM/Friday thoughts: Ok, I went crazy this afternoon... today was the day I've been talking about for a few days now.. we were due for it.. I saw a lot of stocks hit off key support levels (YHOO near its 50 day moving average for example, CMGI right to its 20 day - 82.50) I can't say tommorow will be a big rebound day, but many of the internet stock have at least retraced 30-40% which is very healthy. The NASDAQ has also lost 5% in 2 days (AMAZING!) which is healthy. Feel a lot better about the market then I was 3-4 days ago. Not saying we will surge upward anytime soon, but we should have a more healthy trend... few days up, few days down. Ok after the AMZN trade in the morning and saw some strength late in the afternoon in Internet stocks, I rebought AMZN at 107 right before the close. I anticipate a gap up in the internet stocks and NASDAQ stocks in general after 2 pretty deadly days on the NASDAQ. (could be wrong, but playing the %'s) Bought DCLK at the close for similar reasons (@97), but I might actually keep this one if the market is healthy tommorow. It was one of the few internet stocks that held up all day (LCOS being another) For the long term portfolio, bought 400 MFNX @ 46 7/8. Long term hold, I will be paying 20% tax on this one... my first venture into holding anything more than a month ;) On the option front--Yahoo corrected to where I bought the options about 3 weeks ago. Amazing. I bought the options 3 weeks ago at 29, they rose to 175 at one point, and now the same options are back at 25 today. Crazy. Bought YHUBN (Feb 270 CALLS) for YHOO... @ 32 , @34. To give you an idea I believe these were 60-70 yesterday. I will hold these until the week of the split (Feb 8th is split) Bought QGCCN (March 70 CALLS) for CMGI @28, one of my favorite stocks. All I need to do to break even on these is for CMGI to hit 98 at some point in the next 2 months... yeh, I think thats doable (sarcasm) I tried for the August 110 BRCM options but no one would take what I was offering... darn. BRCM another stock that bounced off 20 day moving average (115) Amazing how those moving averages really are so predictable. For an example, yesterday I spoke about how YHOO's 20 day was around 295, any move to 285 or so would open it up for a sizable drop to the 50 day (which was at 240) ... well YHOO did just that... hitting 250 intraday. It's not as complex as the experts make it out to be. Pick upward trending stocks you like fundamentally and use basic charting methods to pick entry, exit points. Has worked like a charm, and even better if you use options. Overall, I still really like LCOS... and so do a lot of other people all the sudden. BVSN seems like one to watch, NAVR... waiting for the IPO news...sometime in the next few months it will be a $50 stock if the IPO does come out. Summary: Long term positions ABOV MFNX INSGY (?) we shall see BRCM May Calls Short term (a day to a month period) YHOO Feb Calls CMGI March Calls BRCM Feb Calls AMZN (probably sell tommorow if gap) DCLK (may sell tommorow if gap)