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Strategies & Market Trends : Calls and Puts for Income -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (3179)	10/13/2008 1:31:59 PM
From: BWAC	Read Replies (1) \| Respond to of 5891

<<please post which index puts you decide on and why.>> The why? Purely to hedge long positions because this markIt is absurd and I do not trust it to maintain a rise. Without first testing some chart driven algorithm trading induced lower point. SPY Puts because, well just because they seem broadest. (Could do DIA, or IWM depending on the exact type of exposure a portfolio has. Not that any of that matters since the markIt trades in lock step across indeces as per the prevailing algorithm parameters of the day. Please read with the utter disgust and disdain I have for what has become a computer driven casino rather than market) Buy Dec 97 Puts for $8.00, will sell a lower strike into any additional panic days to set up a spread. Probably at least as low as the 90 Put to begin a spread. May use the Nov series for the short side with plans to roll out.