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

To: Haim R. Branisteanu who wrote (18832)	6/29/1999 6:09:00 PM
From: pater tenebrarum	Respond to of 99985

Haim, that may be a good idea; i imagine GS want to have their money back. but it may have been a hedge as opposed to a speculative position, so i'm not sure how they see it. anyway i started to replace the july puts i sold last week with august puts today (OEX puts); nobody wanted them and i got in at the bid to my surprise. since they are meant to be hedges against systemic risk i am not too worried about their near term fate either. i also re-initiated some of the shorts i covered last week.the CBOE total put/call ratio came in at 0,45 today, that's on top of the 0,42 yesterday. these are scary figures - they go to show that there is absolutely no fear in the market in spite of the looming rate hike. speculators are treating the much-advertised 'summer rally' as a fait accompli, a big mistake imo. regards, hb