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Strategies & Market Trends : S&P Index Futures (Daytrading SP)
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To: Jay Baca who wrote (206)2/7/1998 4:24:00 AM
From: Whitmore G.  Read Replies (2) of 350
 
Jay
I am a long time SP500 options trader and with more success then failure. IBD publishes the CBOE put/call trading volume ratio for equities and indexes on Mondays, near the top of the Markets Charts page. Experts say it flashes a bullish signal over 0.80 and turns bearish below 0.40. But we all know this is still very risky business. Indeed on Oct.27, 1997 the ratio was at a 12 month high of 0.84. A bullish signal right? Well not quite the D.J. lost 554.27 points the next day, but of course as we all know now, with the benefit of 20/20 hindsight, that has been the lowest close since then. My hunch is that the number will be very high this Monday , the five year high is around 1.23 or so, and the DJ will peak around 8300-8400 in the next two weeks with the SP500 in the 1030-1050 range and then look out below till mid March. Then we should be back on track up again on all the major indexes. Of course this is all predicated on the assumption that President Clinton respects the Winter Olympic Committee's request not to attack Iraq until after the games. If he does, my market timing will be off accordingly. The markets will pull back the moment it becomes clear diplomacy will not suffice.

Whitmore G.
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