Pequot’s Byron Wien on the Recession, Inflation, Valuation and Markets
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click for crappy windows video
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Source:
Mastering the Markets
CNBC, Thurs. Jun. 12 2008 | 8:42 AM
http://www.cnbc.com/id/15840232?video=769003169&
Byron Wien
June 14, 2008 3:30am by Barry Ritholtz
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What Do Higher Rates Mean?
Conditions going into options expiration week are eerily similar to October, 1987.
Friday’s rally and Cramer’s announcement of the S&P Oscillator being oversold at -6 look to be HUGE bull traps.
If you’ve read “Reminiscences of a Stock Operator,” you have some sense of how strong hand insiders work to shake weak hands of their shares. A moment for such an event appears at hand.
Should we see a precipitous decline going into expiration, look out the week of June 23rd. This will be the shake out, much as it was on October 19, 1987, the day after expiration.
This past week was a thing to behold in its demonstration of how weak are the hands of options writers below the market. (Friday’s advance was no sign of strength; rather it was clearly a trap.) Should these seemingly weak hands continue to be challenged going into expiration, they will have no choice but sell their underlying once the June contract goes off the board…
CNBC? No flash video? Well, f–k them… Pretty pathetic for the middle of 2008. They should be editing into quality flash and making it available for you, me, and anyone else to embed.
Thank goodness Murdoch is in the game now. There’s him, there’s the Mayor’s outfit, and there’s this pygmy thing called CNBC. Maybe the competition will keep things more up to date in the future.
Has Cramer given a “BUY” recommendation to Lehman’s yet? I’m tring to SHORT it!
WTF….3:30AM…..either you’re an insomniac or you’re love life is shot to hell…..OTOH you may also be a vampire….inquiring minds need to know
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BR: Posts can be scheduled to launch any day or hour you want!
sorry…that second “you’re” should be “your”……still wiping the cobwebs from my eyes….tough watching the Yankees on TV when the game starts at 10PM EDT…
rightclick the video and it’s a flash.
Tom Chechatka’s (Risk Adverse Alert) above comparison with the ’87 crash seems to be clairvoyant.
My Intel powered crystal ball tells me that the market is on the verge of an historical collapse. Specifically, look for a 25%-30% “leg down” between now and july 4th, 2008.