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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.10

0.0%

4:00 PM EST

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To: donald sew who wrote (12942)	5/5/1999 1:36:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Don, it is true that more OEX calls were traded yesterday than on any day since the april expiration. but this was due mainly to one large player who shorted 6,500 contracts, probably a hedge fund. in today's trading so far put demand outstrips call demand by a wide margin, similar to what was seen in recent weeks. from the OEX open interest perspective the 660 and 650 put strikes should offer strong support if the correction continues. barring unforeseeable exogenous events the market should stay in a trading range between OEX 650 and 700 until the may expiration based on the top OI strikes. i also believe that the june bond may stabilize for a while before declining further as bullish consensus on bonds is a relatively low 34% and on T-bills it's only 21%; that could produce a brief short-covering rally. regards, hb

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