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Pastimes : All Clowns Must Be Destroyed
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To: Lucretius who wrote (35500)5/25/2000 8:35:00 AM
From: pater tenebrarum  Read Replies (4) of 42523
 
i think we're going to get a big rally...every pullback should be bought now. Dow/SPX/OEX/NYA supports have held. most of the NAZ crap is deeply oversold. and there are all those people out there sitting on cash who have just been waiting for a sign that a bottom is in. the bullish key reversal yesterday was that sign. market vane bullish consensus is at 25%, that's a 2 year low.

regarding the index put/call ratios, i had a closer look at what happened. the culprit were a few extremely large block buys of SPX calls, which i think were done by funds in advance of their own buying program. they just wanted to make a little extra.

furthermore, the NDX reversed yesterday exactly from the 50% fibo retracement level and an important support trend-line. everybody's seeing this...they're going to pile in.

let's see if you can convincingly argue me out of this view.
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