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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: umbro who wrote (10551)	4/11/1999 4:36:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

umbro, re:oex put/call ratio: i keep on telling everyone about the bullishness of the heavy oex put volume. but it is not a clear-cut signal this time due to the fact that individual equity put/call ratios are showing heavy speculation in calls. still, the persistence of the high oex ratio in the face of a rising market combined with the propensity of wall street firms' strategists to cut equity allocations recently show that there is a lot of doubt as to whether the market can actually go higher from here. also, the most recent record highs for the indices are generally being disparaged as a 'last gasp to the upside' as several prominent analysts continue to call for a correction, bemoaning the state of the a/d line, new highs/lows, etc. now,if they were telling us that these things don't matter anymore, the bulls should really be worried. and while i am very cautious myself due to the market's weak internals and the big runup in the speculative names, i know that the two main pillars supporting a rising market are skepticism and liquidity. and we seem to have both in spades. regards, hb