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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: derek cao who wrote (10472)	11/6/1997 6:05:00 PM
From: Defrocked	Respond to of 70976

Derek, I don't want to sound like a pompous-arms-at- side-hands-pecking-keyboard-know-it-all-Buddha that one runs into too often on SI.<g> I'll tell you I got lucky and what I think now. BWDIK! Global markets are in new territories here and anything can happen. More risk than August IMHO. My remaining Jan OEX puts will cover core holdings until AMAT conference call/evaluation on Nov. 20. One third of my initial hedge was lifted earlier for profit buffer and some long term positions were liquidated for intermediate and short term Treasuries. Currently my net position is slightly overweighted on a delta basis for a bearish play. Don't care too much if I'm wrong either way but think the tightrope equities need to walk to recapture old highs is too risky without protection. IMHO a 10 to 20% correction would be healthy for this market. Would put equity growth path at lower level with more realistic slope (8 to 15% annual). On other hand, could happen from this level. Love techs long term. Recent yield curve activity may be suggesting slowdown. Caution: Do not buy into rallies using margin. Caveat: Been wrong before, will again, could be now. Motivation: I post my market view on SI because I've learned much from many techsavy threaders. Good luck all.