MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (8624)	9/24/2001 9:06:46 AM
From: James F. Hopkins	Read Replies (1) of 19219

Thanx JT; I expect it to fall fast from these levels just don't want it to get down below the 30s for too long , a fast dip below and back up wouldn't hurt. The real high Trin we had early Friday was shorts , but after thinking about that latter , that was likely option/future related and it didn't last all day. The ones who knew they were going to have stock put to them ; more than they wanted at the time; sold more puts and shorted & that sets a target where the puts can close the shorts , selling puts and shorting at the same time is a tactic some hedge funds use. Just the same a real high spike in trin sets up short covering in short order. We need more than just a short covering rally & we need very large volume today. If gap ups exceed the gap downs of last week I'll lose faith real fast, but we should be able to tolerate a few gap ups to the point they cancel the down gaps we had. Jim

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