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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (19226)	9/30/2004 2:27:42 PM
From: ild	Read Replies (2) \| Respond to of 110194

Russ, I should thank you first for bringing my attention to the beauty of Spiders earlier this year. Puts on XLF, XLY and calls on XLE has been a right way to trade this market. If you buy a little in the money then the time premium is very small. Also Spiders pay a small dividend on expiration Fridays on Dec, Mar, June and Sep. This little dividend helps put holders. EDIT. Puts on XLY trade only on one exchange CBOE, so the spread is high.

To: russwinter who wrote (19226)	9/30/2004 3:00:00 PM
From: ild	Respond to of 110194

DETROIT (Dow Jones)--The Chapter 11 filing by automotive supplier Intermet Corp. (INMT) Thursday is a sign that steel prices are starting to become unbearable for smaller companies in the sector. Intermet, of Troy, Mich., was the second automotive supplier in less than two weeks to file for Chapter 11 bankruptcy protection. On Sept. 18, privately held Citation Corp. filed, blaming a doubling in steel prices since March. In Intermet's press release, the company said its cost of scrap steel increased to about $395 a ton this August from an average of about $160 a ton at the beginning of 2003.