Howard, But we are not buying puts on the market. We are buying puts on individual issues and they have worked like a charm. 1998 was my fourth most profitable year for options, nearly all puts, ever. 1997 was one of my worst, but it was still positive. The market keeps going up on fewer and fewer names that make up more of the index while the majority of names have had big trouble. Entire industries have crashed and burned and we caught them: SRAM, DRAM, disk drives, banks, airlines, drugs, graphics chips, and names that were top drawer are now hidden under the cabinet, like Presstek and Centennial.
So, my attitude is the market is more overpriced now. I have made great money in the bull market buying puts. I will own the world in the BK. <g> Now, if somebody was using my advice from techstocks.com, he may have done better. If so, more power to him. I have to bet the way I think makes sense. |
