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Hi rt's,
WOW, wasn't friday's "price action" great for the shorts! the dow,spz,ndq
all up about 1% in the first few minutes, then immediately gave up,
reversed, went NEGATIVE, then could never get back above unch. on the
dow!!! Chalk up another great picture for the short term and long term
bears for that matter. I really feel friday's price action really told the
tale and finally tipped the scale in favor of the bears. Boy, i'm gald i
bought those oex puts (anticipated the anticipated anticipation). the
515's are finally a little in the money. (i had comments to me about how
the oex went in my favor but the price went down ----> who cares! I paid a
big premium "7" two weeks ago, i knew that going in. But because my target
is atleast 455-445 that will still be 60-70 in the money.)
I am/was thinking of taking profits by monday, now i feel it will be this
week, but, based on the fear factor feeding on itself, we may see a bigger
% drop throughout this coming week then we did last week! (BELOW the 200
ma, etc, etc, etc, oh, mutual fund inflows down, redemptions
up,.........panic will feed on itself this week combined with the
technicals........)
remember the $2,600 i started with.......
then in a week or so i will be buying some calls with a SMALL % of these
upcoming profits (for the brief wave 4)THEN loading up on MANY oct puts for
"October" while the sep's are STILL on the boards....(similar to last
months purchase, do you follow?)
I'll spell it out to everyone BEFORE i do it, JUST like i did last time....
"NOT hindsight"
comments welcome...
gary
hawaii
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