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To: Galirayo who wrote (10151)	3/18/2009 8:56:48 PM
From: jmiller099	Read Replies (1) \| Respond to of 41501

I sold the heck out of a tech today. Long exposure has lightened a tad. Now what do with the cash raised on that endeavor with the Fed out to dilute that very thing I raised.

To: Galirayo who wrote (10151)	3/18/2009 8:58:02 PM
From: rcksinc	Read Replies (1) \| Respond to of 41501

Ray what is your read here? If we stay in the 780 neighborhood tomorrow and the next day or even drop to 750 we are going a lot higher very quickly me thinks and this was/is not a wave 4 up of wave 5 down to complete the drop, vbg.

To: Galirayo who wrote (10151)	3/18/2009 9:01:46 PM
From: Perspective	Read Replies (2) \| Respond to of 41501

<Can it be counted as an Expanded Flat .. > Yes, that's now my preferred count. I thought we could get to 800 - I didn't think we'd do it in eight f***ing days! Without any pullbacks to speak of. Yikes. I was fully hedged at the low, but the beta on my shorts has been >>1.0, so I'm not fully hedged any more, and not enjoying this at all. I thought I had everything buttoned up to where this bounce wouldn't present much of a problem. I guess a 20% move can break pretty much any design. `BC

To: Galirayo who wrote (10151)	3/18/2009 9:06:29 PM
From: Perspective	Respond to of 41501

Perhaps I'm a moron for getting stuck on the put-call ratio, but I see it as an extraordinary warning sign. This whole move looks and quacks like your typical short-covering rally, only it started from put-call ratios more associated with HIGHS than lows. I could see if the options players maybe weren't as pessimistic as the last go 'round, but for them to be the most OPTIMISTIC in the past three years as we launch out of an important bottom? I'm willing to wager a fair amount of my worth that they'll be proven wrong in fairly short order. If I'm wrong, it will be a bet that I took willingly. Man, those penny stocks in the Dow could use a break. `BC