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To: The Perfect Hedge who wrote (18540)12/24/1998 12:47:00 AM
From: dennis michael patterson  Read Replies (1) | Respond to of 42787
 
Ah Beebs, Beebs. It is not a question of what I believe. Soros makes this point over and over again-- reflexivity. The crowd creates the reality and then acts on it. Look at today's move in INTC! When Kurlak capitualted, people were emboldened. They will remain that way. The question is not "what is reality?" The question is "What will change sentiment?" You buy puts when the sentiment is about to go the other way. HOW you determine that is another matter.