I lost about $8K in 2004/5 with puts that expired worthless.
I am confident that the equity markets are headed much lower. My target is 3000 on the Dow.
HOWEVER, we are living in a country where most if not all financial markets are controlled and manipulated.
The Plunge Protection Team (also known as the Working Group on Financial Markets which was authorized via Executive Order 12631), uses your tax dollars (and money hot off the printing presses) to “manage” the markets and keep them “orderly”.
Eventually this manipulation (oops, I mean “management”) will be overcome, but in the meantime – be careful!
