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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Barbara Barry who wrote (7922)	11/14/1997 3:23:00 PM
From: Darth Trader	Respond to of 18056

I am holding my nov ibm puts, market volatility is increasing. Monday is another day.

To: Barbara Barry who wrote (7922)	11/14/1997 3:31:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 18056

Barbara: I do not think that this is going above your shift point of 7750, but it definitely does not seem to want to close below 7400 either (I need a new cup of tea leaves). What the Brazilian are doing will be the worth thing they can do, it will soak liquidity from the economy and put into paper assets (providing loans to help buy backs and rasing the ceiling on allowed buy back), the Japanes have not done a thingm, and particularly not what they needed to do, lower taxes, so, I see the Asian situation getting worse rather than better over the next three months. What do you do about Dec. put?, that I cannot help you, I think that we will still belower than were we aare today by the end of next week, but that is a very short fuse for you. Zeev

To: Barbara Barry who wrote (7922)	11/14/1997 3:39:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 18056

Barbara: let the trading ranges be your guide. The highs can't get higher, the lows get lower....the market makes the bears run in terror one day and the bulls run the next. Be patient. Be nimble. Huge numbers of people are holding SPY short and the MMS want them to give up and cover. When the market drops they want to be holding them.

To: Barbara Barry who wrote (7922)	11/14/1997 3:50:00 PM
From: Jack Clarke	Read Replies (1) \| Respond to of 18056

Barbara: Indeed a tough decision re: your Nov long OEX puts. You will lose time premium over the weekend even without any market changes. But if the Asian markets tank again and affect the US market, wouldn't you love to be long those puts Mon AM? It'll be too late to buy 'em then. Usually it's best to roll to the next month before expiration week. Look up "gamma" in an options text. I'm going through the same mental anguish with only twenty minutes or so to make a decision, but I bought some Dec puts earlier. If you do decide to sell them, I'd wait a few more minutes hoping those guys with the big profits in the spoo's sell their longs to take profits. Jack

To: Barbara Barry who wrote (7922)	11/14/1997 3:55:00 PM
From: Ralph W.	Respond to of 18056

Barbara - Some time ago on the MB thread, he & I discussed the similarities between horse race betting & playing the market. When I see a race about which I'm very uncertain, I pass it (don't bet it). A single race is just like moments in time in the market. Sometimes it's simply better to stand aside until you think that you have the odds in your favor. Remember that old saying about being able to sleep well at night? Ralph