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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.23

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Jan 23 4:00 PM EST

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To: dennis michael patterson who wrote (29673)	10/14/1999 6:00:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Dennis, is that the MER bond guy? anyway i took a small position in calls on the bond today and i plan to add to it on further weakness in the coming weeks. however, i do expect more weakness before a meaningful turn begins. we could see a short covering rally soon, but lets not forget that the bond futures contract broke from a multi-month descending triangle to the downside...usually that portends further weakness. there has been no capitulation selling yet. after all , what this guy is saying is just talk...the Rydex bond ratio, unless it made a big jump today showed a majority still long. it's the positioning that counts, not the talk. regards, hb

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