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To: John Pitera who wrote (55951)	1/9/2001 8:41:01 PM
From: Les H	Read Replies (2) \| Respond to of 436258

Call Open-Interest on QQQ schaeffersresearch.com

To: John Pitera who wrote (55951)	1/10/2001 9:37:21 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

i know Shartsis, and respect his opinion...and it's true there has been a fair amount of put buying. HOWEVER...it should not be compared to the put buying of the '98 panic, but rather to the call buying that preceded it while the market was still strong. it should mirror that excess, and it doesn't do that yet. note also that the '98 crisis was brief... anyway, an intermediate term low IS approaching, definitely by the end of January (when the Fed cuts rates the second time).