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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: Chip McVickar who wrote (32751)	11/8/1999 8:30:00 AM
From: Trumptown	Read Replies (1) of 99985

The single most important paragraph I've read on this thread in some time (couple weeks ago): "The current short interest for Standard and Poor's Depositary Reciepts (SPY - 129.00), a security that allows investor to go long or short the S&P 500 Index (SPX - 1283.61), has reached approximately 29,000,000 contracts from 21,000,000 contracts last month. This means that investors have reached a pinnacle of pessimism for the outlook of the SPX. This record level of short interest is the highest seen since October 1998, which is just before the market began to rally. This combination of investor pessimism and potential for a short-covering rally are healthy signs for the market." ____ SR

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