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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: Robert Graham who wrote (19480)	7/7/1999 9:30:00 AM
From: James F. Hopkins	Read Replies (1) of 99985

Robert; I think the Bulls are even surprised at the strength that this market came back at, and some of it is due to Mo Mo buying to cover the calls they wrote, & part due to short covering, it's got up a head of steam and the Mo Mo can take it on up, but be careful just after July options expire we could have another ball game if those who inherent all this wealth via the calls on the stock want to take profits and then find they don't have buyers. --------------- The market is skewed way above Max pain on the options, which short term can cause even more buying , but when windfall profits do happen on options the only way they can really collect is to sell stock, the week after expiration should be interesting. ( if you start seeing selling into good news or good earnings after the 16th you can forget the bulls for a while ) Right now it looks like Max pain is being turned on it's head and that a lot of the run up is mo mo buying to cover the calls writen. Jim

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