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Strategies & Market Trends : Tech Stock Options

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To: dennis michael patterson who wrote (51085)	8/28/1998 8:19:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (4) of 58727

for those buying puts.....be careful where you buy them.... look at the SPQUJ....1050 in the money puts...the action yesterday on the chart and today and then compare to the SPX being right in the direction doesnt always make you the corresponding money ------------------ X...notice we closed above the Tower of Ab's number ...8050... ohhh I love abdominal muscles........wonder if his are rock hard...oooopps getting off track... ----------------------------------------------- here is an interesting post from Jim.....although I missed Jerry favors mentioning 8040 in that interview . To: +Jenna (13549 ) From: +j g cordes Friday, Aug 28 1998 7:34PM ET Reply # of 13554 A comment on current market. Hope this doesn't sound sophomoric. I've noticed a level of downside agression that I can't attribute to sellers alone. For example late this afternoon just when Jerry Favors had finished on CNBC where he said that closing beow 8040 would be very negative, the spread dove as agressively negative sellers and derivative players tried to force the market into a heavily bearish close. It was so swift that it clearly had downside intention... more than sellers unloading... more like a real effort to kill the market. So I've concluded there's a very heavy handed downdrive profiting effort underway to push the market down... yes its normal for this to happen and does all the time. BUT... now its working because_ This time we're in the middle of a political unrest stampede sweeping all markets around the world. Investors are on the run and as any good hunter knows its easier to work weak targets when the herd is in a panic mode. Given a couple of million bucks one could drop most any stock today if you hit it with some rumors and unrelenting short selling that would trigger ten times the normal effect. Give me billions and you can cause some real selling. It gets this way when stocks rise also... remember after the beginning of the Gulf War. Stocks were stampeded to the upside and shorts ate dust. Back to late this afternoon, the premium dove to -1.5 right after Favors ended.. the Dow dropped below 8035 for a moment and you could sense a potential weekend of worry of Favor's magic numbers (or anyone else who sits in that temporary Guru chair) being crossed. Well, the floor didn't want that and within a few minutes a battle ensued with the premium jumping over 4.0 then diving then jumping.. finally the bulls had their way at that dotted line drawn in the sand on closing below 8040 and we closed over 8050.. There are battles of power being applied that leverage profit by driving the market down versus stabilizing it and driving it up. At some point stampeding cattle run out of energy, stop and look around.. the dangers weren't as real as imagined. There was a book title from the 60's.. Been Down So Long It Looks Like Up to Me. That pretty well describes the buy side attitude in my opinion. There are so many great buying ops out there and business is thriving. The stampede will run out of panic. Jim ------ Previous

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