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In my opinion, the Fed, or some other entity would step in and buy contracts
to prevent a 1000 point down move in one day. I really doubt the powers that
be would sit on their hands and watch this kind of down move without
stepping in to put a stop to it. Happy trading.
-----Original Message-----
From: bo turger <boturger@xxxxxxxxxxx>
To: rrraff@xxxxxxxx <rrraff@xxxxxxxx>; realtraders@xxxxxxxxxxxxx
<realtraders@xxxxxxxxxxxxx>
Cc: realtraders@xxxxxxxxxxxx <realtraders@xxxxxxxxxxxx>
Date: Thursday, August 12, 1999 9:33 AM
Subject: Re: Arch Crawford's 1000pt prediction
>Hey RT's,
>Remember Joe Granville and the beginning of this bull market in 1982?
>He was THE stock market guru at that time. It was the reversal of his
>market call to sell that is credited (at least by some) as triggering this
>unprecedented bull move we are in.
>So...why was Arch Crawford on CNBC anyway?
>Good trading,
>Bo.
>
>>From: "RAY RAFFURTY" <rrraff@xxxxxxxx>
>>Reply-To: "RAY RAFFURTY" <rrraff@xxxxxxxx>
>>To: "Real Traders" <realtraders@xxxxxxxxxxxxx>
>>CC: "Real Traders" <realtraders@xxxxxxxxxxxx>
>>Subject: Arch Crawford's 1000pt prediction
>>Date: Wed, 11 Aug 1999 16:17:12 -0400
>>
>>Hi RT's,
>>
>>This morning on CNBC, Arch Crawford predicted a 1000 (yes 1000) point drop
>>in the market some time in the next two weeks. I don't follow astrology,
>>but do respect Mr. Crawford (and Norman). If a 1000 Dow points is about
>>equal to about 100 OEX points and the OEX at about 675, 100 points would
>>take it to 575. I checked a Sept 580 OEX Put, it is at 2.5. This
>>surprised the hell out of me since I expected it to be about 1/2. The Aug
>>580 Put is at 3/16, but it expires on 8/20/99 and might expire before the
>>predicted move.
>>
>>Looks like someone is hedging or speculating on his prediction.
>>
>> Good luck and good
>>trading,
>>
>> Ray
>>Raffurty
>
>
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