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 (13856)	7/27/2002 9:38:36 AM
From: russwinter	Read Replies (1) of 19219

In the final analysis the Tony Dye statement, "Capitulation is when no one's interested in calling a bottom," captures it perfectly. It will be like watching paint dry when it's over and the recovery will look like the late 70's. In the short term this still seems to me a good tradable rally. Put /calls on the day of the liftoff was a surprisingly high .87. Shorting has gotten too popular and some folks need to get their heads handed to them. On the 25th and 26th PC tailed off some: .76 and then .70, and VIX dropped to 40, but that shouldn't be a problem quite yet. Biotech has been a great sector in July leaving tech in the dust. Energy will sustain it's strength when the market rolls off this trade, and precious metals are offering up a gift here, as the weak "Johnny come lately" holders of last spring are liquidated..

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