EBAY glubbing here We got plenty but this is looking like an accident waiting to happen....again. We did mention late last night we expected some buying opportunity today in EBAY but there were cheaper and easier plays that didn't take 120 minutes to decide where they were going.
E-mailed update Monday March 22, 2:00 p.m. [ed. comment: this is still our basic strategy]
EBAY looks healthy on downside but did take 50% profits in a full option position (40 contracts) so as not to be left with 25% that erode and become worthless that has been my experience with EBAY (The bird in hand philosophy with EBAY short) Always SUPPLEMENT any put play with a short in the stock intraday (especially if you don't play puts) but DO NOT HOLD MORE THAN 25% of the position overnight and put in stops. NEVER exit a position that might gap up a bit in a panic by 9:35 to 9:45, but wait until 10:00 sell programs kick in and the upside is usually very transitory. EBAY DID NOT GAP up but KLAC did a bit. Of course the reverse is not likely to happen, we won't be holding long positions overnight at this rate of pullback
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