Jerry, the Jan 725 Puts still seem a little pricey. The low of 12 and change was starting to be a little enticing, though. Interesting to see the January 725 Put and the Jan 745 Call as two of the most sought after options on the OEX today. 1,082 for the Puts vs 1,352 for the Calls. I also saw that the Jan. 725 Call closed at 17 while the Jan 725 Put closed at 15 3/8. Expiry of Jan 17th still puts a lot of time premium on them at these prices.
I visited over at www.wsj.com to give my 2 cents worth on Greenspan's comments. There were some interesting posts, written by a lot more intelligent folks than me. I still enjoyed posting a little ranting and raving about the media ignoring the obvious.
I've sold all my stocks but one, and at some point I'll have to consider shorting against the box on it, since I want to hold it forever. It's near splitting 2 for 1 in January and has a strong future ahead of it, so I would only short if the market was sinking broadly.
If Terry Bedford predicts correctly, we'll see the market fall off after the first half hour or so tomorrow. He actually thinks we'll have 8 down sessions. If he's right, I think I'll ask to do an internship with his company. I'm better at options on equities than the OEX. I read tonight on AOL that the OEX is supposed to represent the profession trader, yet the OEX was bullish during the July correction while the average investor doing options on the S&P was bearish at the time. They gave the disclaimer that neither group is the predictor of market timing we would all hope they could be.
I'm moving into the direction of developing land in my area. I get tired of trying to figure the market out. I think I'll spend the next couple of years turning 150 acres into residential and commercial properties. Might as well make something out of a good economy. Besides, there is a big demand for single-family homes in my area. Either that or my kids playing "Sim City" has gotten to me.
Regards, |
