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To: Jorj X Mckie who wrote (61286)	9/10/1999 5:35:00 PM
From: pater tenebrarum	Read Replies (1) of 86076

in fact i have to thank Luc for the few points i DID make on MYG...i only got interested in it after i read his comments. oh, btw i bought a ton of QQQ puts today and got them at the day's low. my gut kept telling me not to, but my experience is that that's the best time to do it. considering that a contract that traded at 7 bucks yesterday was handed to me for 4 3/4 today on a 41 point intraday rise in the NDX i believe i got some value for my money here. at this point i'm ahead 1/8, i suspected we'd get some selling into the close as signs of distribution were discernible during yesterday's ramp and during the whole day today as well. at the very least i expect the mania to pause early next week...i'm not impressed with the new high on the NAZ. i even think that my too early purchase of EBAY puts will ultimately be not too grave a mistake. today's action made me reconsider the widely expected melt-up into expiration scenario. look at a NAZ chart...whenever it touches the upper 20BB when that has just flattened it tends to reverse sharply. what's more, the NYSE members are selling heavily into this latest rally and i scrutinized the PPI closely: let me tell you, it's not bullish at all. the signs of strongly accelerating cost-push inflation are ubiquitous. the rally in the bond was a knee jerk reaction that's going to reverse course soon enough. must have been short covering that drove the bond today...when they think the report over over the weekend there will be some sobering up i believe. i don't know what the dept. of labor will come up with for the CPI and that could still upset my calculations here, but there's a limit to even the most skillful manipulation. the next bombshell waiting to be unleashed will be the trade balance...a guaranteed shocker next time. i wanted to load up on some OEX puts as well, but they wouldn't fill me and the spread was terrible, 12 1/8 - 13. anyway, next week will be very interesting...

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