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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (17716)	8/7/2003 5:21:46 PM
From: t2	Read Replies (1) \| Respond to of 19219

Today had the perfect setup for a big rally. Very high P/C (especially in the AM) and rydex data. So what happened? The SnP/Dow did OK but less than what this type of data would have suggested, imho. This is the kind of setup that launches the big rallies; I am still doubtful it will happen this time. Too many traders may be playing the contrarian data this week and covering and buying for the rally; the outflows, which I suspect, may just be too much...and therefore lead to a significant drop. A tomorrow afternoon selloff would confirm my thesis.