Top is in but I am mildly surprised at relative strength. I think I missed my best prices on conservative short PUTs that were available on WED and THU. I had to settle on lower premiums on short PUTs assuming prices near 80x level at worst. I getting more courage to start APR positions on the bullish short PUT side as soon as last fears about Iraq plays out.
I think Europeans especially French and Germans will stop net selling of US equities and embrace our markets with a kiss on both cheeks as soon as Iraq thing is settled.
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