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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (18914)	6/26/2001 10:46:32 PM
From: mishedlo	Read Replies (2) \| Respond to of 30051

This is not a question of shorting. It is a question of what to do with my index puts. Index puts are my only concern. They are Sept so I have quite a bit of time. I also have quite a bit of cash so I am not too deeply over leveraged. If we hit 1850 anytime between now and sept I will be OK. Obvioulsy the sooner the better. However I am quite nervous fighting a sideways market for over 2 months. Unfortunately I can not act intraday which makes matter worse. I really wanted to short that gap up yesterday but Fidelity does not have trailing stops. Would have made a bundle. Not sure I would have played it but the gap down with trailing stops would have been good today or at least a point to cash out from yesterday. My instincts are good I believe but my impatience has cost me bundles. If we really are headed for the sewer I suppose I can just add more index puts if we rally 200 points (that will put them all underwater - most very heavily). What is interesting is that I was very very concerned about window dressing rally. I would have assumed that once it is over that we would head down. The basic scenario now seems to be postponed by more damn rallies. I guess if that happens I should grit my teeth and go nuclear short. This worked in FEB but I forgot to stay short long enough. M