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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: bobby beara who wrote (35412)	12/19/1999 9:21:00 AM
From: Les H	Read Replies (1) of 99985

The equity-only put-call ratio remains on a buy signal. The 21-day moving average of that ratio has dropped to about 40, which is starting to get "overbought". However, we remain on a buy signal as long as it is declining, and that's what it's been doing ever since October. Meanwhile, our oscillator was very oversold earlier this week -- reaching -441 Tuesday's close, and standing near -396 tonight (Thursday). These are very oversold readings, and they usually generate a short, sharp rally -- which we have been experiencing over the past two days. These terrible oscillator readings are a direct result of tax loss selling, which has been exacerbated by traders selling losing stocks to compensate tax-wise for big gains taken on NASDAQ high-flyers. Thus, the tax loss selling this year could continue right up until year end. optionstrategist.com

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