Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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To: AllansAlias who wrote (1332)	7/10/2008 2:12:00 PM
From: AllansAlias	Read Replies (2) of 3209

Market on a decent up-tick going into 2pm. Man, I am so tempted to follow that smell and get some insurance. The SPY July $122 Puts are a good ticket. I normally would not look at anything so close, July's I mean, but we are talking about needing a few days of insurance here. I am torn between the continued downside risk and the fear of an oversold spark blowing me out of the water. It feels "all wrong" to buy puts with the market so deeply oversold, but hell, it is not like I am going with the crowd -- the option market has been BARELY moving more puts than calls for a couple of weeks now. Anyway, it is this recent intraday up-tick that is the top of the inflection point. It is hard to tell if we are building a s-t bottom here or just some head-fake jello before another down move; perhaps the bad spill I smelled.

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