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

To: bobby beara who wrote (28023)	9/30/1999 7:21:00 PM
From: Benkea	Respond to of 99985

Honestly, that chart that was provided last night or the night before re: a/d going back graphically for about a decade, sure make it look like we are close to a bottom in the broader market. A very large number of stocks are not just at 52 week lows; they are at multi-year lows. I am not talking about BK candidates either. The indexes being fueled by the "silly ones" are an entirely different story.

To: bobby beara who wrote (28023)	9/30/1999 7:22:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Bobby, yep...it really looks like it. funny, not ONE correction this year has brought on capitulation selling. the only thing that keeps bothering me is the put/call ratios...but the high level of call open interest could lead to a wave of delta hedging similar to the early July rally. btw, sentiment is NOT all that pessimistic...i'd call it undecided. good enough for a rally though. regards, hb

To: bobby beara who wrote (28023)	9/30/1999 7:23:00 PM
From: Lee Lichterman III	Respond to of 99985

I am just getting ready to download my data so I don't know what to make of today yet but over the last few days, there have been numerous mentions of all the call buying and how that is bearish. I finally got a chance to check and although it is WAAAAY too early to try and call Max Pain right now, I did the exercise anyway. First, I am having problems with the site I use to get the open interest as it is a day behind for some reason. Anyway, as of yesterday's close, the Max Pain on the OEX would be 692, substantially higher than where we have been hanging around. The big money is going to want us higher by mid October. Nothing says we will get there or that they won't make enough in eroding premiums to let it stay down but I was surprised after hearing all the chatter here about the put call ratio that I figured I better see what calls and what puts were actually being traded. Now this does not make me bullish yet as I will have to see what the charts look like etc. I am especially skepticle due to many of the stocks I track closing with either minimal gains or actually down. Good Luck and if I see something in the charts I will post it here if it is big or else I will just put my comments on the page as usual. How about that MU!!!! <g> Lee