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Pastimes : Ask Mohan about the Market
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To: Terry Rose who wrote (14849)3/15/1998 1:51:00 PM
From: Jack Clarke  Read Replies (3) of 18056
 
Hi Terry,

Your ideas re: leap puts on JPM sound reasonable to me, but I have sure been hung out to dry by similar "logical" approaches. I'll look at 'em, and thanks.

Also, I am interested in your statement

"I tried OEX puts, but I was hindered by the Fed plunge protection team who bought a huge amount of calls or future long positions the day after the October correction to support the market."

Many of us have talked about the "plunge protection team" to explain this market's seeming resiliency, but is there any evidence or proof of the Fed or the Treasury actually doing that? I'm sure they would not admit to "market manipulation" which such action would surely be. Jim Grant mentioned in one of his books that such action had been rumored for years, but that no one had been able to prove it. I'd be interested if you have any other sources other than what we all suspect.

Jack
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