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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (93793)4/13/2001 6:22:04 PM
From: UnBelievable  Read Replies (1) of 436258
 
I Was Just Wondering If I Should Continue To Hold My Rally Ravaged Puts Or Cut My Losses

I had come to a similar premise concerning yesterdays probable direction as the one you had posted.

So not with standing the fact that the extent of the rally and the fact that it did make me a little pale I held on to a number of April NDX and SPX puts which were, or very close to being in the money.

By the time it became clear to me that a decline of the extent I had anticipated was not going to happen, most of the damage had been done.

I still think that last week's rally was contrived, both with regard to duration and extent and was inconsistent with what I felt the pretty pictures suggested.

Nevertheless we did cut through a number of resistance lines (now support) in the course of the week and I am trying to get a handle on the likely timing and extent of any down move.

Yours thoughts and charts are appreciated as always.
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