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

To: Justa Werkenstiff who wrote (36260)	3/2/2002 7:30:23 PM
From: jjstingray	Read Replies (2) \| Respond to of 99280

Justa, I think this rally will be very similar to the one we got two weeks ago during February options expiration. We mysteriously ran all the way to 1793 on no news. Then, surprise, all of a sudden we crashed down and by Friday of options expiration, we went down hard. I agree with Mish on his analysis of the options market. We had a huge number of in the money puts for March. We will see, but if we do rally to 1850 or so, I think it will be short lived. People can say all they want about the VIX and how it does not mean much anymore, but you cannot argue with the graph. On most occasions when the VIX falls as low as it is, we see huge selloffs. I think we will again.