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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: RR who wrote (36725)5/8/2001 8:32:18 PM
From: Dealer  Read Replies (2) of 65232
 
Thoughts in and around SI: This dude thinks sorta like you RR

To:LTK007 who wrote (42994)
From: ajtj99 Tuesday, May 8, 2001 7:11 PM
Respond to of 42995

Futures down 25 points so far. It looks like we'll give back the gains from today. It appears retail bought the CSCO news this AM, pro's sold it, and covered before close.
I may sell my QQQ May 46 puts if there is sufficient blood on the street. We are trading is such a tight range right now, and I don't anticipate that changing before Tuesday afternoon.

We'll see if 2160 holds tomorrow. If it breaks, we may drop another 14-15 points or so. I don't see the COMP staying below 2120 right now.

The problem with my position is that while the market pretty much stays put for another week, my time value on my options erodes. I'll re-position QQQ puts on Monday afternoon or Tuesday morning, depending on how close to 2242 we are.

I think after the Fed meeting on Tuesday, the market is going to fall off a cliff. You heard it here first. Everything is ready to implode. Tuesday afternoon could be a 100-point drop followed by further erosion into Wednesday. I believe we'll end Friday a little above 2000, and drop below that the following week.

We'll see how it develops.

Max Pain for May QQQ's is 44.
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