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Strategies & Market Trends : January Effect 2003 -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (379)	4/23/2003 11:43:54 AM
From: Londo	Read Replies (1) \| Respond to of 666

Sorry, I screwed up my notional value calculation (obviously I wasn't awake enough to determine that it wasn't 100,000 * 112 * 2000 contracts).. now I know how it feels like one of those guys that runs a terminal at Globex and is given instructions to sell 10,000 contracts at 890, and instead he keys in 809 on the keyboard.. Anyway, I've covered a TBond short at 112 5/32. I've got stops of 112 12/32 and 14/32, so I think it's worth gambling 500 bucks of profit for potentially something that could be worth a little more. Cover points are 111 30/32 (reduce exposure) and 111 (this is linked to the 112 12/32 stop). I do think we'll see one more 1.5-2.5% surge in the S&P this or next week, but that should be it for the bear market spike. I'll see if I can time that as well before putting on short positions. Implied volatilities of S&P put positions are still about 5% higher than calls on the July and 7% on the September series.. that should say something.