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Strategies & Market Trends : Roger's 1998 Short Picks
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To: larry who wrote (2200)2/4/1998 1:37:00 AM
From: Humblefrank  Read Replies (3) of 18691
 
There was a short article in the New York Times so many months back about Wade Cook. He doesn't trade at all. He's also under investigation by Federal Authorities.

I will say it again. On the third Friday of every months the market returns to the "option center". This is the point where the calls and puts are equal on the S&P 500 in particular. If you look at the last six months the market goes up then down and up and down, but if you draw a line through all the third Fridays of each month it is nearly straight! I don't care if everybody knows this because the hardest thing to do is sell when everything looks great and buy when it looks terrible. That is exactly what you need to do to trade of this trend. The trend will continue until people get tired of options which is likely to happen when the market makes a giant peak and then collapses. This massive use of options is creating a climate which could lead to a crash. I believe Wade Cook is big on call options in particular.

The reason the market returns to the option center is not manipulation. It is because there has been very little "investing" over the last six months. The money is flowing in and out and short of the S&P 500 index in particular.
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