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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: James C. Mc Gowan who wrote (26154)	9/2/1998 7:08:00 AM
From: donald sew	Read Replies (1) \| Respond to of 94695

Vocex, >>>>>>>>> I see your analysis points to Sept 4 +/- for a turn down again. Will you be looking to buy Sept puts on any short term move toward the 8095 containment area, or what do you think about Oct/Nov OEX puts, even though premiums are always higher than near term. <<<<< I already initiated, yesterday, a small PUT SPREAD (OEX SEPT 485/470). Since the market was so volitile I wanted to have some puts, but to reduce the risk I went with a PUT SPREAD, since the market could still go up. I still feel that position is safe since I am expecting, at least a retest of 8400 within 10-12 days, even if the market does not break down. Per my technicals, the timing for the next decline should be from SEPT 4-SEPT 16(+/- 1-2 days) with the stronger portion of the decline to occur near SEPT 16. To help offset the cost of OCT PUTs, a PUT SPREAD would help, but they are a bit tricky to work with. Seeya