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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (10381)	8/19/2001 4:02:15 PM
From: Shack	Read Replies (1) of 209892

So far I find most of the 'bearishness' anectdotal in nature. The numbers are starting to lean bearish but they could go much further. 1)As you mentioned, open interest is skewed to calls, .58 2)Rydex traders just start to get bearish but anytime there is a rally, they jump on way too hard. No fear. I think we are going to see new extremes in those numbers. Right now I would put their bearishness in the middle to upper end of their recent range. One rally and we'll be in the lower end though. 3)Small specs are long up the wazoo with spoos (75K contracts). 4)10 day MA on the P/C ratio is climbing but is still in the lower end of our range since the April lows. (Sitting at 1.09 while the range has been 1.00 to 1.70) 5)Market Vane survey has bullishness at the upper end of our recent range (although this is anecdotal) Seems to me the bearishness is muted at best.

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