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Politics : Ask Michael Burke

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To: Skeeter Bug who wrote (75238)	2/4/2000 9:36:00 PM
From: yard_man	Read Replies (3) of 132070

Skeeter, we've been in a mania and stock market obsession phase for the last 3 - 4 years. But in the last couple of months some truly extraordinary things have happened. From the end of November until now the Naz has risen by more than a third. Daily volatility of stocks have increased considerably in Jan, yet options are not pricing this in. We have had a short squeeze in the long bond while consumption and employment are going to all-time highs. Something is going on that is not BAU. We may be on the verge of the real McCoy. I repeat what I said to Bill -- you can get so used to these heady gains that you miss circumstances changing right before your eyes ... Doesn't matter what I think or what you think or what he thinks -- somethin's up. Option prices are not reflecting the recent volatility in the underlying indices -- if I didn't already have bets on a BK by March in place, I'd have made them today. It was all I could do to not add more. I would encourage you -- if you've not bets on a downturn to make a few Mon with march expiry. No kidding ...

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