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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: StockOperator who wrote (12392)4/29/1999 12:08:00 PM
From: pater tenebrarum  Read Replies (1) of 99985
 
SO, re:CAT,IP they may be shorts based on near term correction potential. but let me point out that CAT and IP are two of only a handful of stocks sporting higher put than call open interest, which will likely put a floor under any decline. of course, should the market as a whole suffer a setback, they will sell off as well. even so the high p/e stocks would probably make for more promising short candidates, as they are 'crowded trades'(i.e. everybody is in them and they may well try to head for the exits all at once). this cannot yet be said of the cyclicals since their advance has been greeted with a lot of skepticism.see optionsource.com
for details.

regards,

hb
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