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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Matthew L. Jones who wrote (38467)	10/23/1999 6:54:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

Oh, I don't disagree that Jim Cramer is sharp. I just get put off by the vigor that he defends his position, often without much substance. I used to read Gene Inger, who is equally sharp. Inger is very bearish. Like Cramer, however, it would take a half an hour of your time to find out why. I don't know who J6P is, so I can't comment. As far as the late P/C ratio, where did you find that out? That used to be something you could only find out the next morning. I did not know there was a running total now. I do get the information late night from Pinnacle Data now, but a running total is new to me. I'd like to know where I could find that out. If so, my explanation for buying puts would be that the market is on the cusp. It's either going to break or break out. As much as I do not care for VIX as an indicator, it seemed rather dormant as of Friday's close....22.89 Look at some of us. I've been calling for October 25th as the day of decline since August. I'm sure other people have their reasons for being bearish. We could all be wrong. But just because people buy puts does not mean they are wrong. A few years ago, Abbey Joseph Cohen said the market was heading higher. The same day her firm bought a boatload of OTM (by over 20 points) OEX puts. Within a week they were in the money by 15 points. A sudden rush to buy puts by skilled trading houses isn't a contrary Indicator. Years ago, if you knew Merrill was buying puts you would buy calls. If Plaza was buying puts you would buy puts. It's a question of who's doing the buying of these puts, not the fact that puts were bought I don't think. Of course, that's all my opinion. But without knowing who is the bear I pull nothing out of the P/C ratio except a warning flag. Not necessarily a Bull Signal.