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Strategies & Market Trends : P&S and STO Death Blow's
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To: sun-tzu who wrote (27775)2/6/2003 8:33:07 PM
From: orkrious  Read Replies (2) of 30712
 
my rally cap is on now. p/c way too high and everyone is leaning in one direction.

FWIW, here's what Lance Lewis said tonight:

A hint of things to come may have come today when it appeared that someone was putting on what is known as a “bullet” trade in the QQQs. A massive amount of puts were bought along with common stock today (which heavily skewed the put/call number if you look at the closing data). The strategy here is to dump the common at some point, causing the market to move lower while you hold the puts and the guys that sold you the puts are also forced to sell in order to delta hedge their positions, hitting the market with double the downside firing power. So, we’ll see what happens, but my guess is that somebody is setting up an ambush on this “support” level in the NASDAQ.
dailymarketsummary.com
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