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Strategies & Market Trends : The Options Box

QQQ 626.65

+1.0%

Jan 9 4:00 PM EST

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To: longdong_63 who wrote (4992)	9/15/2000 11:00:51 AM
From: Poet	Read Replies (1) of 10876

I think you may well be right on both your points, LD. I'm expecting a small rally this afternoon (to drive Sept options holders crazy), then more downside next week. I took Ralph Bloch's comments the other day with a grain of salt, but when Abby Joseph Cohen said yesterday that she thought the markets were fairly valued here, I took that as an indication of decreased bullishness on her part. Aside form that, remember where we are in the year... I took yesterday morning's rally as an opportunity to take profits and cover long positions in the QQQ. I've got long positions (and small ones at that in QCOM, RMBS, NTAP and GLW) but will be selling them into rallies next week. I'm trading on the conservative side, as I'm leaving for a two-week trip to Tuscany next Sunday and don't want any unhedged long positions while I'm gone.

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