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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: Crimson Ghost who wrote (46250)	4/14/2000 2:34:00 PM
From: Les H	Read Replies (1) of 99985

Market Outlook - Thursday April 13, 2000 optionstrategist.com Sentiment has turned negative, as the equity-only put-call ratio has capitulated to a sell signal. There are a great number of individual stock sell signals, too. After wavering for nearly two weeks, the equity-only put-call ratio turned higher Monday, finally confirming the sell signal. In addition, the "new" NYSE and NASD equity put-call ratios, that we introduced recently, have also generated sell signals. The S&P 500 futures option ratio generated a sell signal, too. One positive is that NYSE breadth has improved over the past few weeks, thereby keeping our oscillator in a positive mode. If it should fall below -200, that would negate the current oscillator buy signal and would act as a confirmation of the sell signals that are indicated by the put-call ratios. The oscillator stands at approximately +19 as of Thursday's close (4/13/00).

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