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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: Challo Jeregy who wrote (32285)	11/4/1999 7:04:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Challo, astounding, isn't it, how quickly the market has taken on an air of invincibility...not even a series of overseas rate hikes could upset it. little wonder then that nobody really worries about tomorrow's data. put/call ratios are plummeting fast... however, i'm not so foolish as to call for a top because of that. i suspect that many are waiting for an entry point, be they shorts eager to cover or people still on the sidelines. giddiness is not quite yet at the point where it would worry me, but it won't take much longer i guess. i have no doubt that the NAZ is now delivering the blow-off i have been looking for for so long. we have all the characteristics, a perpendicular move up, extremely high volume, a frenzy of call buying...a true classic imo. regards, hb

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