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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 684.84

+0.6%

Dec 22 4:00 PM EST

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To: Lee Lichterman III who wrote (20835)	7/22/1999 6:31:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Lee, it is something i have seen often just a few days prior to a downturn getting really ugly...large rebound bets on OEX calls. i haven't scanned today's activity yet, but my observations will be in my p/c ratio update. for now, i would tend to agree that a bounce from here is actually the most likely thing to occur next. if no bounce is forthcoming within 2 days or so, i will take that as a stern warning that at least a mini-BK is on it's way. i have a link here to an interesting article where it is argued that the downmove was a headfake put in place by the manipulators to throw technical analysts off. nobody knows if it's true of course, but i wouldn't rule it out. gold-eagle.com still, we all know that this market has no margin for error; and AG has all but announced the next rate hike today. look at briefing.com's commentary on his testimony, it is quite interesting as well. the Lord alone knows why the banks were strong today, it seemed rather strange in view of the weak bond market. regards, hb

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