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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (50990)	8/22/2002 12:22:03 PM
From: The Freep	Read Replies (2) \| Respond to of 209892

MM -- for laughs, yesterday before the close I used the CBOE Open Interest column on QQQ puts and checked the ratio from strike prices 20 to 30. (This should have given me the ratio as of Tuesday's close, as I understand the way they keep their stats). It was .71 which is not real bearish, though I must note that at QQQ 26, there were 6 times as many calls as puts. This morning, I checked the numbers again (which should be up to yesterday's close). The open interest fell to .647. That's a pretty big one day swing. At QQQ 26, there were over 210K calls to 30K puts. Action on the 26 calls has been huge today, and I'd like to think it's people taking profits (cuz I like people having profits). Still, the open interest ratio on strikes 24-26 is around .388. That's low. Perhaps it's all bears hedging their bets, but that seems extreme. So to say that everyone doubts this rally is clearly incorrect, imo. On this board, sure, but there are ALWAYS doubters here of up and down. Velo remains steadfastly bearish, too. And there are pockets of doubters. But there's also a ton of confirmed bulls out there who have re-emerged from hiding just as bears have gone into hibernation. Of course, I must also note that the dollar is having a rocking day, now back over 108. The markets have had some disconnect from the dollar the last few days, though, so maybe the two aren't linked at the hip right now. the freep