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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: Cynic 2005 who wrote (1463)	10/29/1997 8:04:00 AM
From: Arik T.G.	Read Replies (1) \| Respond to of 5676

Mohan, Re: Comments on past two weeks action. 1. New highs on SPX were very confusing to me. I thought that we were due for a correction to 945-960 and then strong up movement above 9200 to start the Millennium Crash early next year (Rarebird's scenario). 2. Thursday I closed my OEX puts and expiry Friday made a long day trade, the first long position I had since June. 3. I argued against Iqbal at the idea thread against a good report from Intel but didn't put money on it. 4. When INTC got wacked the first time around the SOX broke down from it's trading range. I left limits to buy put 350 and went to Paris. Unfortunately the limits were too low as I hoped the SOX will correct to 360-362 ,which it didn't. 5. I was very bearish on the SOX and several Dow stocks but didn't expect them to crash the market without help from MSFT, that was still doing well. 6. Came back Monday afternoon to find out that I missed the party, although I did make something on assorted stock puts. 7. Took another daily long yesterday morning (sold OEX puts for $51 and bot them back around noon for $25). I, too, was expecting a 200 points rise and was surprised by the volume on an up day, and buying power that drove the market higher. IMO that was short covering buying and smart money continuing it's pilgrimage to safehaven. 8.Bot some OEX puts yesterday afternoon. Will continue today. SPX beaking 900 was my major signal since July. Yesterday the market shot back above it, but the charts look ugly. The Dow may correct to anywhere between here and 7600, but it would be nicer if today it will close down today. 9. The Millenium Crash scenario is still possible if the Dow manages somehow to cross over 7800. 10. The tremendous volatility is not good for the market at all 11. Friday was not THE crash. ATG ATG