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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Jdaasoc who wrote (3402)	11/6/2001 11:14:49 AM
From: ajtj99	Respond to of 99280

Jd, I believe that like most meetings, this one is making people much more optimistic than they should be. That sets up a nice "sell the news" situation when the inevitable disappointment sets in. Whether that is temporary or not depends on other factors. The indices are close to overbought and we are near some cycle highs. That is not a situation that pushes markets higher in most cases. When we've had higher pushes with these factors, it's usually been artificially driven by options expiration or window dressing. We have neither of those this week. Furthermore, Max Pain is quite a bit lower than the current level, leaving plenty of room for a drop.