Replies to post #30934 on Zeev's Turnips Patch-No Politics (ZEEV)

[Patrick Bateman]

You certainly have nothing to apologize for..in fact your calls the past few months have been superb

Virtually Yours,

Pat Bateman

[Ace Hanlon]

Note that Sandspring Advisors agrees with you on lower prices but see the S&P 500 rallying to 1000 in the interim. I would not want to be short right now. A few weeks from now perhaps.

[Rich1]

I for one appreciate your calls and input..Keep it coming...
Thanks...

[Zeev Hed]

Are you taking these to "deridation" if the market really takes off or do you use stops on puts (kind of tough). You posted your intentions here, thus my comments. Generally, I still do not exclude another swoon down into the 22nd, so you may be fine, but the $37.5 puts on AMGN, these I am not sure if they'll pay, that will require a major breakdown in the BTK, which I do not have in my turnips garden (I don't have a new major leg down as your charts indicate, just a meandering bottoming process).

Zeev

[brightness]

IMHO, it's a mistake to be buying puts at this juncture. With many issues so far below the max pain, and the expiration 2 1/2 weeks away, the MM's are definitely gonna try ramping it for the time being. I wrote a little over $30k worth of Oct puts on various issues, QQQ being the biggest blocks, yesterday and today, and now I'm looking at 40% or so return in 1 to 1.5 sessions, having closed quite a few late toay ($14k profit for less than a couple days work is not bad, didn't want to be a pig). Delta hedging may come later this month (hmm, I do not exactly relish having to short close to $1mm stocks to hedge the puts I wrote, that's why I closed quite a few positions near the end of the day), but unlikely right now.