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

To: Tommaso who wrote (88028)	1/6/2001 1:30:27 PM
From: mishedlo	Read Replies (1) \| Respond to of 132070

My understanding is that this kind of volatility has always been associated with the collapsing stages of a mania. I am trying to hold steady with some puts on financials and shorts on the less volatile indexes (S&P and Dow); I have lots of cash to make sure these stay in place indefinitely. Thanks Tom I am laughing my ass off at people other threads looking for good entry points into financials to go long just as they are about to break down hard. Looking at support as if it matters. They have already completely forgotten what happend to the tech bubble and now want an entry into the next stock fiasco near all time highs because of "strong charts". In the meantime I picked up 50 JUN strike 40 JPM PUTs for a mere 1 5/8 each on FRI. That is like shorting 250,000 worth of stock with a maximum guaranteed loss of about 7,500. Now only 8 points out of the money. WOW, is this a great country or what? So I will just sit and hold these babies, and in the meantime contine to trade tech options on fear and exuberance going for smaller gains on those rather than all home runs. My Modified MB options strategy is 10% home runs as above, plus 10-20% swing trades. Right now I am hot so I will stick with being agressive, but if I start to cool off I will pull in a bit. The rest is all cash. The above percentages are for my IRA. I have to live off my trading account so I am far more conservative. Too conservative in fact. I have been only 5% in options there. I need to be a tad more agressive there. Perhaps 5% home runs, and 5% swing trades. Thinking as I type, that seems to be a reasonable allocation of assets. Comments anyone? M