This column was originally published on RealMoney on Feb. 28 at 2:35 p.m. EST. It's being republished as a bonus for TheStreet.com readers.Funny how some groups are so linked that you can see the hedge funds run in and buy puts on all when one of their number gets smashed. Take the broker cohort. Goldman Sachs ( GS), Morgan Stanley ( MS), Lehman Brothers ( LEH), Bear Stearns ( BSC), Legg Mason ( LM) -- all being just poleaxed. To me, that will become an opportunity, but only when I see even more put volume than I have seen. I would love to see the Goldman 140 near-term puts have several thousand in volume, which would mean that we could be ready for a reversal. You don't see nearly enough put volume yet in Legg or Bear, but check out Lehman -- now that's the one everyone's keying on. Thousands! And egads, look at all that Merrill Lynch ( MER) March 60 action -- someone really wants to press that down. When the others in the cohort reach those expanded levels of volume, we will be near the end of the raid and the beginning of the next move up.
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