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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: PaperChase who wrote (66929)	8/28/1999 12:28:00 PM
From: Skeeter Bug	Respond to of 132070

pc, mu is in a long term down trend, that is, unless $70 is more than $95 ;-)

To: PaperChase who wrote (66929)	8/28/1999 2:53:00 PM
From: Knighty Tin	Respond to of 132070

PC, for a very short term play on your ability to jinx the market, I bought QQQ Sept 121 calls at 1 5/8 after your call on Thursday. I sold them for 4 on Friday. That was really about 146% profit before commissions, which took it down to closer to 135%. Somebody got 4 1/8, but it wasn't me, even though I put my order in at bottom tick for the QQQ. In my 90/10 portfolio, I prefer far out of the money puts and calls far out in time. This play was in my Pizzazz portfolio, in which there are no rules and where I put on trades for the hell of it sometime to reduce tension. I could see where a bull might view my regular put buying that way. The truth is, I buy puts on overvalued stocks, and prefer to do so when they hit new highs. A very low risk, high return strategy using the 90/10. However, the new highs are not always available on the most overvalued plays. Wish they were. I have never lost money in the 90/10, though, so far, this has been the worst year I can remember. But, last year at this time was worse and it got good real fast with a total return of 79% for 1998. This year isn't over yet and there are lots of signs that even the addicts for overpriced stocks and their enabler, Alan Greenspin, are starting to tire of the silliness. When you are washing car windows at street corners thanks to owning what will be remembered as one of the goofiest financial bubbles in history, remember that you should have ignored the lure of the herd rushing to the slaughter house.