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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Jeff who wrote (55348)4/23/2002 9:53:56 PM
From: ajtj99  Read Replies (1) of 99280
 
Jeff, what you are seeing is what the MM's astutely do to kill as many in the money calls and puts before expiration. If we were in an uptrend, it might work just the opposite of how it has been working now.

That's why if we have a Max Pain target of QQQ 35 in May we need to get that down to 34 for the MM's to work their magic (overshoot and drop back into Max Pain while also giving us a lower high).

That's why I think we need more put buying (put/call ratio at 0.90 or higher) and a lower COMP and NDX before we can say we have a local bottom. I think we'll get that if we breach the Feb. lows slightly, but I'm not sure the market will let that happen.
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