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To: Lucretius who wrote (65538)	9/30/1999 7:16:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

agree with what you are saying, but are we not in the era where the herd just keeps on being RIGHT? remember the first rate hike rally? p/c ratios were extremely low then...and we rallied sharply as all that call open interest forced massive delta hedging...of course, after July expiration the show was over, but i'm thinking with call o.i. once again very high, could it not happen again? btw, the reason why your expectations are not commonly shared is that they seem so extreme...i am with you on the notion that this market is incredibly bloated, but that has been true for years now. it will eventually break down no doubt, the question remains though: when? gold's advance shook confidence a bit, but i believe we need another confidence shattering event before we can break down decisively.