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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Yogizuna who wrote (40644)	6/15/1999 12:44:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 94695

Yogi, it is possible that the bond holds at the support you pointed out, as massive put open interest resides at the 114 strike of the september futures contract. whenever such support levels fail though, the downward move will be exaggerated by moves to hedge the open option contracts via shorting the underlying future. nevertheless, the bulls have the upper hand right now and my sentiment indicators were actually hinting that this might happen in the short term. nevertheless, to paraphrase AG, "the market is stretched in a number of dimensions" and today's rally just adds a bit to the complacency that will ultimately bring the market down. regards, hb