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To: Teflon who wrote (29501)9/15/1999 11:16:00 AM
From: John F. Dowd  Read Replies (1) | Respond to of 74651
 
Teflon: It is nutty. The Fed is always a day late and a cut or rise in the wrong direction short. The market is way ahead of the Fed and that is why today puzzles me. Who is talking this down. I mean yesterday there was no real news and today when we are presented with the fact that inflation remains a non event the market heads south. I hope the volume is light as that would give support to your option sellers manipulation theory. JFD



To: Teflon who wrote (29501)9/15/1999 12:08:00 PM
From: codawg  Read Replies (2) | Respond to of 74651
 
Tef,
You're right about many people being short. An article in thestreet.com yesterday said that 9 of the 10 highest open interest Sept OEX contracts are puts. This is a contrarian indicator and means that as the week draws to a close, there should be large upward pressure on stocks.

However, the selloff today is also driven by the bond market. I've gotta say that the bond action surprises me. Inflation doesn't exist and hasn't for years.


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