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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.53

-1.5%

Nov 20 4:00 PM EST

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To: John Pitera who wrote (22280)	8/6/1999 1:58:00 AM
From: Teresa Lo	Read Replies (3) of 99985

One thing that bugged me about the whole bounce was how the media was so quick to label it capitulation - it seemed too easy and as I sit to write this reply, I look at the CBOE put call ratio and it's not exactly what I'd call washed out here. Seems like folks were buying equity calls hand over fist. VIX was not that high and internals, namely new highs and new lows still are not improving...so perhaps it was capitulation on AOL, but the rest of the market has not been saved yet...

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