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

To: HairBall who wrote (54881)	6/21/2000 8:11:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

LG and all: index options volume remains extraordinarily low, especially when compared to volume in the stock market. we have now had a string of record low volume days. while p/c ratios are quite low, i'm not certain how to interpret the low volume - it may simply reflect uncertainty and as such would not count necessarily as a negative. the Rydex ratios remain in extreme territory, with the MM funds+bear funds vs. bull + sector funds ratio at 0,21 (all time low: 0,19) and the pure bull/bear funds ratio at 0,09 (all time low 0,08). over 82% of Rydex assets are allocated to tech at this time. the record high in early March was slightly over 90%, the record low approximately 20%. Investors Intell. advisors have now over 60% bulls, 33% bears and the remainder expecting a correction. AAII sentiment has seen both bulls and bears shrink a bit, from 62% to 44% and from 23% to 19% respectively. the most cautious poll results remain the futures trading advisor polls, with Consensus Inc. showing only 31% bullish consensus. this could be a result of the enormous commercial hedgers short position in the spoos, though this week's rally might easily serve to cure the caution expressed in this poll. polls aside, the positioning measures all show excessive bullishness. regards, hb