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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Mike M who wrote (11683)	2/24/2001 1:21:59 PM
From: Zeev Hed	Read Replies (3) \| Respond to of 30051

Mike, the turnips have "spoken", they say this rally should be sold (they sold, some prematurely mind you), but I think that by the middle of next week, we may retest yesterday's lows, rally from there to about 2388 and then go into a real downswing to the low 2000, maybe even a slight breach of 2000. Look at the difference in the put/call ratio between the indices and the equities, and you will see that the big professional were already buying puts on the closing yesterday in much greater volume than calls. The S&P 500 had a 3 to 1 P/C ratio, while the equities was 1/2 ratio. The "professionals" do not believe the fed funds futures.... Zeev