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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: bobby beara who wrote (45375)	4/7/2000 7:42:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

the one day reading of the CBOE total put/call ratio reached a new all time low of 0,37 today. the Rydex ratio is at 0,09, only 0,01 away from an all time low. the bulls have certainly NOT capitulated....they simply stayed fully invested throughout the 'dip'. i believe those looking at Tuesday as a 'washout' underestimate what it takes to wash out a mania of such proportions. a true panic bottom would imo take about 3-4 times normal NAZ volume of about 2 bn shares, i.e. 6-8 bn. shares. just imo of course...note that the rally, as spirited as it seemed was on very low volume.... regards, hb

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