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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

4:00 PM EST

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To: James F. Hopkins who wrote (19063)	7/1/1999 1:34:00 PM
From: pater tenebrarum	Read Replies (3) of 99985

Jim, not only is the VIX a sign of almost universal complacency, but the equity put/call ratio hit an all-time one day low yesterday. it seems that everybody is now playing the expected blow-off. i haven't heard a single bearish comment by analysts interviewed on CNBC. the fact that the Fed model shows the SPX to be some 40%+ overvalued now isn't even mentioned. i admit that the market looks like it wants to go higher based on many technical indicators. but this unanimous endorsement of the rally worries me a lot. regards, hb

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