Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

Joe, I wonder if the unusual heavy program trading in those S&P was partially coupled with heavy calls trading in the same issues, the sudden accipitral explosion in calls surely was not associated as is normal with a rising market. I probably erred raising my cash position to the 25% level Friday...though most of it was associated with profit taking.....(PXR was the only "loss taking" action).