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To: Perspective who wrote (267413)	11/14/2003 8:02:20 PM
From: NOW	Respond to of 436258

JNJ: sorry we missed that breakout...

To: Perspective who wrote (267413)	11/14/2003 8:10:59 PM
From: mishedlo	Respond to of 436258

BC look at YHOO today. I had to be nuts shorting that yesterday, got my ass handed to me on a platter and I deserved in fact. Doubled up at the close (which is even stupider). Note I did this with OTM puts so I had a defined risk. Was playing a chart in my head. Well my chart was correct BUT FN stochastics were sitting right at the bottom. It is normally the absolute 100% sure fire kiss of death to be short something like YHOO or chips or any other thing like that when stochastics are at the bottom. YHOO gapped down, closed the gap, went higher and had me shaking my head at my stupidity, but I looked up an noticed that CSCO was up huge and chips were red and said WTF? Chips red, YHOO gapping down and the Naz is up??? Made no sense and BRCM was still green so I pooted it. Chips died, YHOO died, and so did even CSCO. in fact look at the action in CSCO. 23 22.40 23. 22.40 23. 22.40 more or less off the top of my head since earnings. What kind of shit is this? Distribution or just massive calls and max pain. That is it now. Are we playing a NORMAL max pain script here as there are massive calls on CSCO and the QQQ and they are destroying puts and calls on both, OR is this something else? Is this the start of a move down, or just the start of Max Pain working again now that everyone has forgotten about it. These whipsaws on crap like CSCO are 100% surefire the way things used to work with max pain. Now what? I am still holding YHOO but there are lots of Puts at 40 and I will gladly cover if it even gets close to there. Since I doubled up I will be hugely ahead at 40.50 and I will take it off there on Monday if I am so lucky. Looking ahead there are HUGE numbers of calls building up but poots as well. Perhaps we just chop around for a while untill it gets so lopsided that it will move one way or another. That said, shorting and puts are the ONLY thing driving this market again as no one really wants to pay these prices, mufu cash is low, and scandals are everywhere. Other than selective issues, No way in H would I be long the general markets here OR any BIG names. I am in sell mode 100% for sure now. That said I do NOT expect this market to go down easily and perhaps there is one more big rally, but if the markets perceive Bush is in trouble or liquidity dries up too quick, it is ALL OVER CHARLEY. Mish