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Corning Inc. Message Board

  • philandjoelle philandjoelle Oct 6, 2008 2:58 PM Flag


    I came very close to selling all of my put options and loading up on call options earlier today when the DOW first went down 550 points at around 11am.

    Everything was in place for a massive near term bottom. Up/down volume on the NYSE was 250 to 1 down (unprecedented). The VIX hit 56 (unprecedented). We had a classic Monday morning selloff after a turn around down Friday.

    We also had every DOW stock down, every nasdaq 100 stock down and 498 of the S&P 500 stocks down. Why didn't I sell my put options and go positive?

    We were missing 2 key factors in establishing a massive turnaround day ; the volume wasn't there and we haven't had the big margin selling yet.

    If we close near the lows today, margin calls will go out all night and tomorrow before the open. If we get a huge gap down opening tomorrow WITH VOLUME AND MARGIN SELLING, as well as all the other factors we had today as described above, we will explode to the upside on short covering and momentum buying by institutions.

    One caveat ; it has to happen by 11am. If iy does, buy everything you can. Good luck!

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