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To: ajtj99 who wrote (51039)8/22/2002 8:09:23 PM
From: The Freep  Read Replies (1) | Respond to of 209892
 
<<and we know what happened last time they were under water going into expiration. >>

Up until last week, we also knew what happened last time the QQQs hit max pain early in expiry week (they went down). Up until last week, we knew that the last time we had an equity only put call reading under .4, we sold off immediately. We knew up until yesterday that with the readings folks were getting on oscillators, overboughts, etc. that we would sell off immediately. Of course, we also knew that two days before yesterday. <g> Just food for thought.

BTW, 9400 is a day's rally away, so I would frankly be more afraid of being short based on the post you made -- if I had any idea if that particular indicator had any meaning! (I don't know. It's not in my mix).

the freep



To: ajtj99 who wrote (51039)8/22/2002 10:39:27 PM
From: Paul Shread  Read Replies (3) | Respond to of 209892
 
Will look into that. Zeev has gone bearish here:

investorshub.com



To: ajtj99 who wrote (51039)8/23/2002 4:31:43 PM
From: Paul Shread  Read Replies (1) | Respond to of 209892
 
AJ,

Average cost of September Dow futures is around 8800-8900, but there's another 300 points in unrealized losses from July that could make the correct number 9100-9200.

Interestingly, there was a lot of above fair value futures buying toward the close. Could be short-covering or someone trying to push the market higher.