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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (18932)6/30/1999 12:47:00 PM
From: pater tenebrarum  Read Replies (1) | Respond to of 99985
 
Haim, that's right, the arrogance of the bulls laughing off the rate hike is amazing. and as john has correctly pointed out, bullishness as measured by the put/call ratios has seldom reached the record levels of this year. meanwhile the percentage of bearish investment advisors has dropped to fresh lows, below 26%. as i have mentioned in my p/c ratio update, there is anecdotal evidence that even long time bears are getting ready for the melt-up. as Luc has pointed out though, 1999 is the year in which the herd has been right without fail so far; so maybe the few bears that haven't capitulated yet will be taught the lesson yet again, which goes: 'don't bet against the mania'. we'll see.

regards,

hb



To: Haim R. Branisteanu who wrote (18932)6/30/1999 12:53:00 PM
From: John Pitera  Read Replies (1) | Respond to of 99985
 
Haim, I believe we will see a stronger move by the Fed either a 50 basis point rise in the FF rate or terse language to be released with the 25 point move. I believe that the bond market will rally over the next few weeks and a more restrictive policy by the Fed will provide the fuel for such a move.


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