On August 27th the nuts over at Prison Planet warned that the stock market was going to crash because of a bunch of "billion dollar bin Laden puts" which would expire on September 21st, which is, no coincidence, today.
Hmm, so on August 27th, the S & P 500 was at 1466.79, and today it has crashed all the way down to... 1525.75, a gain of over 4%.
One could say that some rich investor lost a whole lot of money on these expired options, except as I already pointed out, this was a box-spread trade, which is not really a bet on the market but a way of borrowing money which is way too complicated for anyone who writes for Prison Planet to understand. So the odds are nobody lost any money. Tune into Alex Jones' radio show though, and I am sure you will hear differently.
“Writing a book is an adventure. To begin with it is a toy and an amusement. Then it becomes a mistress, then it becomes a master, then it becomes a tyrant. The last phase is that just as you are about to be reconciled to your servitude, you kill the monster and fling him to the public.” -Winston Churchill-
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About Me
- James B.
- Chief is a combination software geek from Washington State, aspiring novelist, and retired Chief Warrant Officer from the Army National Guard (thus the clever name). A recipient of a BA in Russian and East European studies and an MBA from the University of Washington, his interests include foreign affairs, economics, politics, technology and languages. Polite inquiries and job offers will be answered at chiefb-at-gmail.com. Check out my writing oriented site at www.jamesfbennett.com.