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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Chip McVickar who wrote (11484)	6/1/2006 2:37:12 PM
From: Rarebird	Read Replies (1) of 12410

>>Gaps were closed in the futures in this last run as the floor gave something to the bears<< The amount of put buying by bearish traders has been helping to build a floor under the market, at least to support a retracement rally of the recent sharp leg down. Although the market has yet to show sustained strength on the upside, it has been able to resist the sellers at recent lows and that's longer term bullish. I can't remember the last time I've seen sentiment numbers like this: AAII members are: (as of 5/31/2006) Bullish: 30.77% Neutral: 19.23% Bearish: 50.00% aaii.com (Scroll down) Needless to say, I've been expecting a very decent rally here: Message 22499546 But I wouldn't get too exuberant as the rally intensifies a bit; for I see a retest of recent lows, which may not be successful. But first things first: watch those put options expire in June.

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