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Strategies & Market Trends : The Options Box
QQQ 629.07+0.5%Oct 31 5:00 PM EST
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To: Cosmo Daisey who wrote (10154)3/28/2001 8:29:12 AM
From: Poet  Read Replies (1) of 10876
 
Hi my pit bull friend,

I just read your post in which you lay out your thoughts about the market over the next few weeks, and must say I'm thinking (and positioned) along the same lines. The Dow made about a 45% retrace from last Thursday's lows in only three days. The NDX got 1975 resistance and stalled yesterday, which prompted me to buy OEX and QQQ puts. I'd posted on the CIW thread a few days ago that I thought Monday and Tuesday would be up with decreasing volatility and that the end of this week would see a retest of recent lows.

I think you're onto something in thinking about the debacle caused by employee stock options, as well as other tax selling. What did you do with your OEX puts? Did you sell some last week? The range has been outrageous. I bought the same strike (April 540 puts) at $2.50 yesterday that I had sold last Thursday at $15.50.
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