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Gato,
I'm looking a little lower. I have the bottom of the Long Term Up Trend
Channel (LTUTC) at 39. Since my Short Term Up Trend Channel didn't hold, I'd
want a pullback to and a bounce off the LTUTC before getting back in. On the
other hand, an up move above 53 1/2 would be a Trader Vic type confirmation
that the short term up trend is still in effect and the breakout was false.
Therefore, a close above 53 1/2 would be another entry point, but I don't know
if I would take that one or not.
Jim
-----Original Message-----
From: (Gato)
Sent: Thursday, May 15, 1997 4:20 PM
To: MetaStock-List@xxxxxxxxxxxxx
Subject: Re: ASND and All Covered Calls
Gosh, Jim. I'm looking for where to get back *into* ASND, not out!
:-) Congrats on your successful trade.
I'm looking to buy back at $42. What do you think?
I don't have a valid support line yet for the new uptrend. I'm basing
my expectation on two things: First, I drew a resistance line through
the 4/9 and 5/5/ highs. Then I drew a speculative support line
parallel to the resistance line, and starting at the 4/22 low. This
line goes through about 40 1/4 in about a week.
Second, there was resistance between 41 3/7 and 42 at the end of
April. I expect this to show up as support at 42.
But, I could be wrong. I'm worried that ASND won't get that low. (I
really want to get back in!)
On Thu, 15 May 97 14:53:09 UT, you wrote:
>All,
> ASND closed below my stop and all the stocks I had covered calls on=
were=20
>at or below mid channel last night. I checked in about 10 AM EDT this =
morning=20
>and sold ANSD at 46 1/2 for about a 13% profit. I also bought back my =
BSCGF=20
>calls at 3 1/2 for a small loss; my DEFJ calls at 3 for a nice one day =
profit;=20
>and my IOMFW calls at 1 5/16 for a 50% profit. The overall profits on =
the=20
>covered calls helped offset the drops in the stocks. Now it's time for =
the=20
>stocks to start rising again <G>.
>
>Jim
>
>
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