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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (17127)	6/13/1999 10:14:00 AM
From: Benkea	Respond to of 99985

Haim: Thanks for the hedge response. I think this will all shake out by early July. Therefore, I will buy July CMGI, SFE, & CPWR puts (some of my largest positions) along with some July QQQs for good measure. I am still amazed at the complacency put to call ratio. I would imagine we will see a surge in volatility on puts come Wed (CPI) and or the end of the month ahead of the Fed meeting. Perhaps selling the puts on the eve of the Fed meeting would be best as there should be plenty of bad news reflected in the put premiums by then. What gets me though, is it would APPEAR that the masses EXPECT a short-term correction (although put/call negates that statement) and the masses are usual wrong. The specialists are highly short though. Unless this is the BIG ONE (which I highly doubt), it would seem there is already a lot of money on the sidelines with selling done if everyone expects it.