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

To: Saulamanca who wrote (61899)	11/5/2000 11:32:50 PM
From: Zeev Hed	Respond to of 99985

Bryan, the only fly in the ointment, IMHO, is the premium were relatively low (VIX did not even get close to the May's highs). Of course, we never get "everything in lockstep", and these high put call ratios are in concordance, with my current short term positive outlook (till the middle of January), but medium term and longer term, excesses have not been wrung out, and once the uptrend psychology is broken, excesses to undervaluation should be expected before the secular uptrend reestablishes itself. Zeev