>>I would have bought puts today, but it seems that the puts are presently overvalued
Let's see... Netscape breaks north of its 200-day moving average on triple its average volume, even with a 5 million share secondary coming Tuesday. Bonds rally a full point intraday, for the lowest yield since March. The Dow Industrial, Dow Composite, S&P 100, S&P 500, S&P 400, Major Market, Value Line, Russell 1000, and The Nasdaq 100 hit all-time records. Damn right the puts are overvalued!
The scary, but completely understandable, thing is that Reginald Middleton, that paragon of enlightened prudence, had to contemplate the cost of admission today before jumping onto the train tracks holding a big banner that says "Run me over!" |
