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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: sun-tzu who wrote (141393)1/2/2002 7:08:25 PM
From: mishedlo  Read Replies (1) of 436258
 
Actually I take the opposite tack.
Not betting on it cause I am flat, but that spike is in INDEX PUTs.

Rally garbage and MSFT will take care of those nicely.
However someone keeps buying equity calls. That someone is J6P I believe.

We dropped to 39 from 41 now we rally right back up to 40.
I believe I noted the huge number of CALLs at 40. In spite of all this "put buying" take a look at the QQQ option chain. Anything but bullish IMHO. I think today was a 1-2 day oversold bounce that will be followed by a quick reversal then nothing but chop until all those INTC 32 1/2 puts and calls both expire worthless as well as all the QQQ 40's worthless. Yea lots of $ came pouring into this market today just to get us back to max pain (more or less on the QQQ). Now what.

This market (index) has been sideways for almost 3 weeks and will likely do that for another 3 weeks until expiry. Tight range here is to be expected +- 1.5 to 2.5 QQQ points, ending right back at 40-41 or so. Most likely 40.

M
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