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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (37245)	11/23/1998 5:26:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

To All, Ah, I love a market making new highs, especially in the crappiest, most leveraged names. Let me put this swell of speculative frothing at the mouth into perspective. 1. DRG. Many of you remember my foray into DRG puts mid-Summer. Well, I thought I had seen a huge move first buying puts when the index hit 680 and continuing as it moved to 710. It then collapsed to under 600. I made a lot of money and that was a huge move for an index. However, that dog has now closed at 757. Whoa, mama! <G> 2. IIX. Again, mid-Summer, I started buying IIX puts over 370 and continued until they peaked at about 425. They then collapsed to under 300. A major move. Today they closed at 508!!!!! Man, some folks would think these cos. were actually making money. I still see the euphoria in the bullish camp and more Xmas lies being spread every day. Also, the easy money and credit the Fed has sprinkled like fairy dust is causing a huge number of new offerings of cos. that shouldn't be in business at all and mergers between weak but overpriced sisters. Meanwhile, metals and oil and like, real stuff you can't send over the net, are selling at record lows. IMHO, we are approaching one of the great watersheds in stock market history. There is no question I want to be long real assets and long puts on fluff assets in 1999. The only question is when. I have been nibbling on the real assets for awhile, buying Arco today. But I have held my third in puts, which is actually less than a third after Nov perspiration day. I am still looking at Pearl Harbor as the most likely purchase date, but it could be as late as Xmas Eve before I fill the second third. This market is a monster and is looking like easy pickings. MB