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To: sun-tzu who wrote (2902)	9/19/2002 5:53:45 AM
From: sun-tzu	Read Replies (1) \| Respond to of 29605

from challo... ...the option chains were balanced at levels equivalent to the S&P 500 at the 900 level. If the market collapses below support, then option writers will be compelled to “short” the market to become “delta neutral”. Otherwise, they risk financial Armageddon. The added “shorting activity” adds increased downward pressure to the market.... nothing's ever as bad as it seems and vice versa. that being said, i am EXTREMELY guarded here. the above analysis explains a lot of the options action over the last few days. i understand the volatility typically seen on triple witching, but if there is ever a time for a serious tank, it seems that now hits the mark. am holding only an AMZN short overnight but am going heavy short intraday. despite the p/c ratio, which i have never seen this high, i think the long trade for a bounce is too "cute". delta hedging has a hold of this market through expiry imo. if we tank thurs/fri, then serious carnage is in order mon/tues. crash helmet on