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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 662.72+0.4%Nov 19 4:00 PM EST
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To: bobby beara who wrote (79805)7/9/2001 10:25:15 PM
From: t2  Read Replies (1) of 99985
 
bb, That sudden turn to bearishness is what got me thinking. The turn from predictions of a summer rally to retesting lows occured very quickly.

You are right. There was just too many bears on SI after the drops of Thursday and Friday..and that included myself (buying some puts as a hedge last week). That got me re-thinking my position Sunday night. Even the futures on Sunday night seemed to suggest a lot of nervousness.

That is why I wanted to see the action first thing this morning. Had two scenarios-- a sharp drop down or a steady move higher. So far the 2nd scenario seems to have begun. When I did not see a sharp downturn, sold my puts (hedges) and went long calls...expecting a steady move up into options expiration next week.

Also agree that EMC did provide a short term flush. Like I stated earlier, AMD was not a big deal. EMC was a bit of a surprise to some. Did you also noticed that last week, companies that warned on earnings (small or large misses) all went down while in the week before, they would go up on warnings.
The mutual fund managers(the real buyers) were probably on vacation (light volume) and the hedge funds were having a lot of fun last week.
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