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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.97

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Nov 7 4:00 PM EST

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To: Gersh Avery who wrote (37191)	1/11/2000 11:43:00 AM
From: pater tenebrarum	Read Replies (2) of 99985

from the sentiment front: the Rydex ratio (a measure comparing assets in the Rydex bear funds to assets in the Rydex bull funds) dropped to 0,12 yesterday, an all time low. the degree of conviction and complacency in this market is astonishing... equity call volume once again exploded past the 1 million mark yesterday as well. never before was the market as expensive as it is now...both in absolute and relative (relative to bond yields, GDP, or any other measure one can think of) terms. and never before have people been as bullish on the market as they are now, i.e. convinced that the most expensive market of all time will become vastly more expensive, probably in short order at that. the logic of humans ...and QCOM angels, i suppose.<gg> hb

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