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To: Cynic 2005 who wrote (16863)1/23/1999 11:09:00 AM
From: Thomas M.  Respond to of 86076
 
I reread the column, and the gist was that during market declines people have shifted from buying far out of the money puts to in the money puts, i.e. they have gone from buying protection against BK to protection against small correction. In a nutshell, complacency.

Tom