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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: donald sew who wrote (31711)	10/28/1999 2:57:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Don, i don't think it matters what Greenspan says tonight. the market will laugh it off. in any case, i luckily sold some puts i bought on Friday's move yesterday and have now begun to buy them back...i may be a bit early, but i'm expecting a retracement soon. the nice thing about manic moves like today's is that the puts get extraordinarily cheap. it's as if the sellers of the puts had taken leave of their senses...on even the slightest retrace one can make some money on the rise in volatility premiums. today should scare the heck out of the shorts... this is another thing worth mentioning: i regularly visit a dedicated bear message board to get an anecdotal sense of how they are feeling. there's mass capitulation in progress. some stick to their guns, but interestingly some LT bears are finally giving up. i'm not sure however if it means much...we'll see. regards, hb

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