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To: stan_hughes who wrote (340189)	8/8/2007 5:08:48 PM
From: Real Man	Read Replies (1) \| Respond to of 436258

"In the event of a 190-POINT ADVANCE in the NYA, all index-arbitrage buy orders of the S&P 500 stocks must be stabilizing for the remainder of the day. Collar will be removed if the NYA moves back to within 90 points of the previous days close." So, the futes were switched off, and we immediately started dropping. They came back on after the decline of 100 points, and we took off. -g-

To: stan_hughes who wrote (340189)	8/8/2007 5:12:35 PM
From: Real Man	Respond to of 436258

I don't know - the programs are not the same, but similar. This requires dynamic calculation of volativity, etc. Takes time, depends on the program, programs are proprietory. So, there are the "quick" and the "dead" druids -g- But it's obvious from today the futures is the only thing that moves this market, it ain't the buying -g- Everyone's long, but they shift risk around. The portfolio hedgers (with puts) have less risk, less return. The speculators (hedge funds selling puts) have more risk, more return. Nobody is a bear in this scheme, neither the put buyer (holding synthetic call), nor the put seller -g- Those with more risk blow up first -g-