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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (26208)	4/14/2000 4:43:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 42523

Vi, the puts are all delta hedged with short sales by now...however, i agree that the fact that next week is expiration adds an additional twist to what's happening. one reason why i do not believe we've seen the end of the selling is volume...a panic bottom would require a 6-8 billion share day imo. look at the charts of the big caps...they HAVEN't been taken to the cleaners yet, with the exception of the big brand name companies which have already collapsed ahead of the current downdraft. now, why would i want to buy GE at a p/e of 50? or CSCO at a p/e of 180? now i don't even have a technical reason to buy them anymore...the charts look ugly. so why would anybody buy? who has cash to buy? i think even if we rally on Monday, people will just be relieved to get another selling opportunity... that said, the put/call ratios are getting close to panic bottom levels.