MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

4:00 PM EST

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To: KM who wrote (36635)	1/4/2000 6:25:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Truff, they forgot to mention that total OEX options volume has been scraping along record lows lately (haven't seen today's numbers yet). at the same time the overall CBOE p/c ratio has been near record lows for several weeks. outstanding call contracts have simply exploded, to levels about 50% higher than the '98 average and it has all happened in the fourth quarter. that's excessive...it's not the type of excess that is done away with in one day's decline. i also tend to think we'll see a bounce first before more selling, but i'm still looking for more downside before this is over. fear in this market? not likely - at least not yet. we just come from some of the most euphoric sentiment readings in recent history. fear looks different. regards, hb

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