"which should mean Bow is (at least) closed out on his puts"
Morning Steve,
Not yet (although I am thinking of buying some further out calls "just in case").
I'll show you the only thing that's keeping me holding my puts;
Overlay the period of June 5 thru June 23 or so over the chart of Nov 4 to today. The price, MA's, volume, stochastics, MACD, and OBV, all match up about as identical as is possible on a stock chart. And we know what happened shortly after the June period.
Another thing I'm noticing is that the interest in CLEC's seems to be waneing again, much like the rotations we've seen before (again, comparable to the June period). With the Dow and NASDAQ up pretty big right now, my CLEC screen is mostly flat to down with low volumes (8 of 11 flat or down while the Dow is up 75).
Probably just out of pure stubornous, I'm still convinced something has to bring this market down. Way, way, way too much mania, euphoria, irrational exuberance, whatever you want to call it. Of course, with all the baby boomer money, the bubble may not pop until 2006. But I have a hard time justifying a 9000 dow. Of course, I've been wrong more than right calling the market over the last 6 months. |
