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To: ALTERN8 who wrote (13054)	6/24/2004 2:14:55 PM
From: Bucky Katt	Respond to of 13094

I went short the indexes this morning via cheap puts because I think we go south now for awhile. Yesterdays move was nice, but a touch overdone, Imo... (QQQ SPX SOX) And the fact that near 100 people were killed today in Iraq, in the back of my mind it may get much worse going into the handover makes me want the insurance. And now they have gone red, which warms my heart,,, as my puts are green green green....

To: ALTERN8 who wrote (13054)	6/25/2004 10:07:38 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 13094

Hmmm, a confusing situation, GDP growth slowing, inflation higher than expected, and the indexes are up... Only thing I can do is double my put postitons in the face of this set-up.... I wonder if the FED will raise 1/4 or 1/2 next week? The U.S. economy grew much more slowly than previously thought in the first quarter while inflation was higher, a government report showed on Friday. The surprise downward revision to gross domestic product -- which measures total output within the nation's borders -- cut growth to a 3.9 percent annual rate in the first three months of 2004 from the 4.4 percent reported a month ago and below the 4.1 percent pace in the final quarter of last year. The government also ratcheted up a key gauge of inflation, confirming an acceleration in price rises that has fueled expectations the Federal Reserve will begin raising interest rates from 1958 lows next week to head off inflation. The core price index for consumer spending -- a favorite of Fed Chairman Alan Greenspan that cuts out volatile food and energy prices -- gained at an annual rate of 2.0 percent in the quarter, a bump up from the 1.7 percent reported a month ago.