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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Tom Pulley who wrote (83399)	9/19/2002 8:17:37 AM
From: Cynic 2005	Read Replies (2) of 99985

<<Did you see the put/call today? Put/Call closed at 1.35 and the equity only put/call was about 1.17. These readings are about as bullish as they can get and indicative of a bottom, but some other key indicators I follow haven't indicated we've bottomed yet. It looks like we're getting close though. >> During the height of the bubble (circa Jan 2000) P/C ratio was in the low .20s. Delta hedging took the market to the Jan-March peaks (just my observation). Delta hedging could do the same trick on the downside. This may not have been possible in the initial or mid stages of decline. But very possible in the late stages. Why, by now many traders are gun-shy for any further declines. The prolonged slump should have wornout even some of the sophistcated traders.

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