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In a message dated 98-09-02 14:34:50 EDT, ggray@xxxxxxxxx writes:
> We just finished 5 waves up from yesterdays 940 snp low. It's now
> 2:15pm edt. If we rally back up now it's lala land. All the put
> holders (me included) are bewildered as 6 point puts yesterday are now
> at 1 3/4.
> In concert with these historic times the market should plummet into
> todays' close and/or some major international event(s) will unfold
> into the lunar eclipse this weekend. No doubt the bulls are feeling
> like it's 10/97 revisited.
>
Gary
You and several others have done an excellent job of sort of predicting
what the market will do. This is easy sometimes, compared to trading it.
Those of you who have puts, were given an early christmas on monday. Not to
have taken profits was and is folly. Now the market is taking them back.
There is nothing to be bewildered about what is happening to the puts. The
volitility on monday drove them to very profitable values. Now they are
returning to what they are, a wasting asset. Even if the market drifts back
to the lows, it is doubtful, that they will return to their former prices.
WIth options, a fast run is never a bad place to take profits. The home run
just doesn't happen that often.
Pete
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