Hi gt, you're right conventional wisdom would say that all the puts in place in the market would not let the market fall below a decent level. However I remember in the fall of 2000 many were selling naked puts far below the perceived reachable levels since it appeared the market was going back up and yup they ended up eating a lot of stock put to em or covering those naked puts at great loses. I know of a couple large houses that are rumored to be in the same frame of mind right now........ Could it be destiny? lol see ya soon
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