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Jim,
IOM hit 26 today. I'm looking to buy Jan Calls on Friday.
Do you think the 25 or 30 Calls would be better. I'm leaning towards
the $30 out of money calls.
I had IOM in one channel from 3/25/97 thru 10/2/97. The bottom of
that channel coincided with the 50-day MA.
On 10/2/97 the 50-day MA bent and IOM started moving in a new, less
steep channel. I draw the top of the new channel through the highs of
9/19/97 and 12/1/97. I don't have a firm bottom to the new channel,
but I think it's around 25.3. The problem with drawing the bottom is
that I'm not sure the opening price on 10/28/97 has much validity.
For now, I'm drawing the bottom as a line thru the low of 10/7/97 and
parallel to the 50-day MA.
I don't think these correspond to the channels you draw. care to
comment?
On Tue, 9 Dec 1997 14:40:59 -0500, Jim Greening wrote:
> I was busy this morning so left a market order to close my IOM
>position at the open. IOM had bounced off the top of its Intermediate
>Term Up Trend Channel (ITUTC) early last week and broke out of the
>bottom of its Short Term Up trend Channel Thursday. If finally closed
>below my stop yesterday. I had a profit of over 60% since taking the
>position in April plus several covered call profits along the way.
> I still like IOM and will be looking to re-enter on a bounce off
>the bottom of the ITUTC or a break out of the new Short Term Down
>Trend Channel.
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