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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (5786)	11/14/2001 9:42:30 PM
From: s berg	Respond to of 99280

Max pain is really max orgasm for big traders on the correct side of option trades. My guess is that they were buying SP calls 9/21 that expire this week. So max pain on individual stocks may not matter to them. Until last Thursday it looked like the rally was running out of steam. Will be interesting if today turns out to be short term top and decline begins again next week. Just a guess.

To: t2 who wrote (5786)	11/14/2001 10:12:35 PM
From: mishedlo	Respond to of 99280

NV - Yes that is a true statement but sometimes, enough is just enough. IBM might have been a tell today. AMAT could not stay above 40. I do not think it had anything to do with earnings. I think it had everything to do with tons of calls sitting at 40, and the powers that be will just not buy more to support breakouts above those levels. INTC tomorrow will be the key. I am damn surprised it broke 30. If we get a selloff to 30 look out below. A 1.5 drop in INTC with AMAT reeling could do this rally in. But who knows. The maginot line IMHO is IBM 115, AMAT 40. The maginot line on CSCO was taken out long ago. 17.5 Delta hedging on this POS as well as INTC sent us soaring to the moon. Looking ahead to next month. All I see is calls. CSCO strike 20s, INTC strike 32 and 30. Almost no puts. If CSCO and INTC head down then lookout below. MSFT will follow suit. I have no idea how this feeds into "turnips" but sentiment is amazingly bullish here, based on ACTION not what people on this board are saying. There will be no more delta hedging to support this crap at the beginning of next month. More than likley CALLs get toasted next month. M