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To: AllansAlias who wrote (77152)7/8/2003 10:37:00 AM
From: John Madarasz  Read Replies (2) | Respond to of 209892
 
Occam's Razor notwithstanding...there was a huge calendar spread put on 6/30/03 as over 400,000 puts traded hands...

Evidently "half of that put volume was due to a single trade on behalf of a large institution."

The most profitable I/T scenario for that spread would be pressure on the QQQ into Sept O/E towards levels of a 10% decline

all fwiw



To: AllansAlias who wrote (77152)7/8/2003 1:41:58 PM
From: NOW  Read Replies (1) | Respond to of 209892
 
That is Medelson's contention: that despite apparent complacency, the market is climbing a wall of worry. HE sees SPX 1150 coming.