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Strategies & Market Trends : Ask DrBob -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (14536)	11/17/2000 7:12:28 AM
From: Louis V. Lambrecht	Read Replies (2) \| Respond to of 100058

phoenix upwards bias for Friday That would be what the options open interests would suggest. My tke is that MMs do n sit on their hands and that they have hedged their positions, particularly on last Monday's action. I still am expecting a down day, in the range on that Monday the 13th. The bullish bias only working by the close, if the market trades low enough. This could be as soon as 3 o'clock, and as late as 04:05 (Market On Close orders). Optioninvestor.com noted unusual activity yesterday noon on the QQQ 77 puts: 4000 ITM contracts. Add another block of 2000 for the day before: someone has paid more than $1 mil. on that strtike alone (77*40= NDX3080) and obviously intends to make some profit. This is big money, and that kind of money is the smart one. I am not sure tht MMs have enough power to move the market in such way that this strike would become worthless. (Smart money of that magnitude has the same power than MMs if it comes to move the market).