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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (27765)	1/12/2002 11:11:45 PM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

One could also mention that there are a lot of overhead puts. If the market pushes into this area, there will be a lot of scrambling call writers and put holders. Delta hedging and covering could produce something very ugly. Let me make this perfectly clear so that I am not misunderstood: I am flat this market. I have no interest in stepping in front right now. If I am wrong, I risk missing some downside. However, if I am right and we pop hard, I will not hesitate to buy into that strength. I also understand that overall bullish sentiment is running high: way too high. If I get my squeeze, my strategy would be to book almost all of the long on the first push to new highs and hold some in case we get a little blowoff, but I would be shopping for puts all the while. We'll turn down really hard once everyone is looking the other way and the bears capitulate. I think that will happen quickly. In the meantime, I'll just watch to see what happens Monday.