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Strategies & Market Trends : The OEX... gasp!
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To: The Jedi who wrote (434)1/22/1997 11:37:00 PM
From: The Jedi   of 658
 
To all, like I said before try Feb 780 (OEXBP) calls. Their volume is good and they are moving fast up 2 1/2 in last 2 days. Almost half as fast as OEX.

The market seems overvalued but the billions of dollars that poured into funds in Jan has to go somewhere. MM scared that they may miss the ride are vesting 60-80%, the rest to catch the insignificant 10% drawdown. With most issues having an upward surprise, and the Feds now changing stance (least likely to raise rates) the market is up short term, till Feb 4 at least.

With everybody expecting the 10% correction the puts are way overexpensive.
Dow 7000, OEX 780 looking near.

Good luck to all.
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