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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 687.01

-0.1%

Dec 30 4:00 PM EST

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To: Paul Chiu who wrote (42741)	10/25/2005 3:11:32 AM
From: Johnny Canuck	Read Replies (2) of 69336

Paul, Do you have access to a chart of the Put/Call ratio plotted for the last 3 years? I used to track the equity put/call ratio, but I found that it lost it ability to consistently predict turns in the market. I did read an article recently that suggested the exchange traded funds for the indices are currently heavily shorted. It does not mean that we will get a strong rally soon, but it does indicate the market will not fall much as too many people are pessimistic and looking for a fall. Combined the the fact that the BPNDX (Bullish percent for the NDX) is in the mid-range, the two indicators are indicating the techs are short term oversold, but medium term could still go either way (up or down).

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