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Strategies & Market Trends : Tech Stock Options
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To: ViperChick Secret Agent 006.9 who wrote (50803)8/26/1998 4:47:00 PM
From: FJV  Read Replies (1) of 58727
 
Lisa,

We need to take Druckenmiller's comments with a grain of salt. With Soros' forays on the wrong side of Russia and HK, he has had to hedge with long positions in the U.S. He is now WAY long American blue chips. The HK Monetary Authority has been eating his lunch lately, so the Nifty Fifty are a natural hedge for his short position in the Hang Seng. Thus he warned that the imminent rally he sees in the US will be limited to the liquid large caps, the only stocks with sufficient liquidity for a fund the size of Quantum. The whole piece was very self serving - designed to save his bacon in the short term given his debacles in HK and Russia.

I have more faith in Don Sew's technical forecasts than anything spewed by Druckenmiller. That said, having a bearish bias, I am also concerned about the put/call ratio's overly bearish sentiment. We may see Don's downdraft tomorrow, but I'll bet we also see an SAR with the SPX holding 1060 at the close, leading to a ST pop. BWDIK.

Franco
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