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To: mishedlo who wrote (256151)	8/15/2003 4:06:17 PM
From: KM	Respond to of 436258

Of course, I know the neu-bulls here on this thread know better, but: Quiet as a Church Mouse, but Don't Fall Asleep 8/15/03 03:30 PM EDT Bearish SPY Big Money Exit Despite the power outage, today's option expiration is holding to form as the dealers are holding the market together to make sure the put buyers loose their money. The put/call has dropped significantly today, which many will say is a result of the low volume and today's expiration. With technical indicators, I do not believe you should introduce nuances like that, so you must take the number for what it is worth, a sign that the market is ripe for some downside action early next week. I suggest selling today's close in order to see how people react when they return to work on Monday. In my opinion, I believe the big money wants to do some selling and got bailed out by the expiration and lack of terrorism. The possibility is back on the table now, however, and thus I think the big boys are sitting on their hands waiting for more volume and Monday's open. I believe that once options are out of the way the big money will be too heavy to lift for a couple of days. Short SPY