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To: pater tenebrarum who wrote (35506)	5/25/2000 8:42:00 AM
From: Lucretius	Read Replies (1) \| Respond to of 42523

wrong. :) notice naz TRIN yesterday... ho ho

To: pater tenebrarum who wrote (35506)	5/25/2000 9:17:00 AM
From: bill meehan	Read Replies (1) \| Respond to of 42523

<<NDX reversed yesterday exactly from the 50% fibo retracement level>> Heinz, what levels are you measuring? I show 50% retrace of 10/99 low to 3/00 high at 3358, and we broke 2900 at yesterday's low.

To: pater tenebrarum who wrote (35506)	5/25/2000 9:25:00 AM
From: LLCF	Read Replies (2) \| Respond to of 42523

<i think we're going to get a big rally> Here's my arguement against: 1.)" Dow/SPX/OEX/NYA supports have held. most of the NAZ crap is deeply oversold." Yes, give you that. 2.) "and there are all those people out there sitting on cash who have just been waiting for a sign that a bottom is in" Well........ you mean like 2 people with cash?? IMO they are waiting for a rally to SELL, including houses who have taken down a lot of stock in the past few days... as are the funds that DID puke, because they've got lots more to go. 3.)"regarding the index put/call ratios, i had a closer look at what happened. the culprit were a few extremely large block buys of SPX calls, which i think were done by funds in advance of their own buying program. they just wanted to make a little extra." Are you sure they weren't buying back stuff they were short after puking positons?? Any idea on the strikes? 4.)"furthermore, the NDX reversed yesterday exactly from the 50% fibo retracement level and an important support trend-line. everybody's seeing this...they're going to pile in." I guess I agree with all your points except that to me that means selling abatement for a while, where you seem to see people 'piling in'. Either way it is NOT an environment conducive to owning puts, and under my scenario calls either. I see dead for a week and then down again... it will be very interesting to see how much cash can be mustered up here! DAK