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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (4812)	10/8/2001 9:45:37 PM
From: X Y Zebra	Read Replies (3) \| Respond to of 33421

That Pitera dood is such a tyrant More than you know... Legend has his great great great grand pa was Generalíssimo Don Juan Piterón. A very famous robolucionario and Presidente of the Junta de Monte Cristo (a former banana republic in the heart of Latin America). Their main business was exporting mercenaries, bandidos and of course, Generalíssimos for hire to the neighboring countries for a share of the loot. Particularly fierce was the House of Piterón, indeed his relative, after succeeding in the coup d'etat in neighboring Costa del Mosquito (another extinct banana republic) took over Monte Cristo itself () () In the eventual demise of these rotten bananas, the treasury of same was used to negotiate an early independence of the Cayman Islands from the Brits. [They actually tried to buy the island off] -gg- Accidentally on purpose the maps to the republics were lost, however it is believed these former centers of roboluciones are hidden somewhere in the Mato Grosso in Brazil. The location has been unsuccessfully searched by treasure hunters as it is said that enormous amounts of gold dating back to the time of the Spanish and Portuguese Viceroys are hidden in the vaults of the former government palaces. By now, these buildings have been engulfed by the jungle. The relatives moved to the USA and the proverbial change of name took place and the rest, as they say, is history. Generalissimo Don Juan de Piterón: (from the archives, in his flying machine) tcel.com In formal Junta garb: (complete with horsie) sedena.gob.mx history.acusd.edu The entire clan: tcel.com You bet he is a full-fledged tyrant!

To: Jorj X Mckie who wrote (4812)	10/12/2001 3:30:58 PM
From: John Pitera	Respond to of 33421

In the Money: Big Pullback Won't Happen Until Next Week By Jay Shartsis Special to TheStreet.com 10/11/2001 01:58 PM EDT URL: thestreet.com With so many people looking for a retest of the recent lows, the contrary market put on a powerhouse rally Wednesday. The S&P 500 closed just under the important 1081 level, which was last week's high and also the March low. This looks like a natural spot from which to pull back and, after some follow-through buying Thursday morning, the market will probably soften. However, I think there are too many October holders and naked October call positions (as well as short stock positions) to allow any meaningful decline before the October option expirations next week. So a dip into Friday is probably all the downside we'll get for now. At the Wednesday close the NYSE TRIN, or Arms index, was low and overbought at 0.53, and the Nasdaq TRIN came in quite overbought at 0.33. The session also produced a high plus tick reading of 1083 on the NYSE and a plus 767 tick for the Nasdaq, high for that market, too. Both figures corroborate the overbought TRIN numbers and suggest a pullback is close. One other options indicator is worth mentioning. It is the comparison of out-of-the-money OEX calls to out-of-the-money OEX puts. At market bottoms, the puts are priced much higher than the calls -- sometimes at a 10:1 ratio (the ratio can be even more skewed in real panics). On Monday, with the OEX at 546, the October 480 put was bid at 1.75 and its "mirror image" call -- the October 610 -- was only 0.10. That's a 17:1 ratio and a firmly bullish comparison. The rally came, but by late Wednesday afternoon the OEX was at 552, the October 515 put was bid at 1.95 and the October 590 call was bid at 0.50. The put was now less than four times the call price. That's still positive, but only mildly so. This quick move away from extreme bearish sentiment would also allow for a pullback now -- though, as I mention above, not a dramatic one.