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

To: pater tenebrarum who wrote (11150)	4/15/1999 7:00:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 99985

PUT/CALL ratios for today CBOE total: 0,67 individual equities: 0,47 OEX: 1,64 VIX:24,77 i got my wish. the individual equity ratio has finally gone into mildly bullish territory. not that speculation has altogether stopped,ind.equity call volume expanded by 58,583 to 726,994 contracts, no doubt due to the comp's late rebound. but a measure of fear crept into the market as well today,as ind.equity put volume went up by 80,568 to 339,202 contracts.these are sizeable figures by any standard for one day's worth of trading. the OEX ratio is once again solidly bullish, with call volume rising by 32,391 to 87,241 contracts and put volume higher by 23,057 at 142,917 contracts,a stunning figure as well.as was the case during the past few trading sessions, open interest liquidation in front-month options (which expire tomorrow) was largely confined to calls, with OI on out-of-the-money puts increasing slightly. i had a taste of the frantic demand for puts myself today, riding the far out-of-the money april 615 put from 1/8 to 1/4,a highly speculative trade, the success of which shows how heavy the betting on a further sharp decline was today (the 615 strike closed at 1/16,with 2342 contracts traded). the decline in the VIX was due to premiums on both calls and puts for april delivery collapsing further as the OEX closed virtually unchanged. notably,call premiums took the bigger hit again. to summarize,today's options data augur well for the bulls in the near term. in another sentiment-related development several analysts were prompted by the initial sell-off in internet issues to call for an end in the rally of the group. as a proxy,i watched amzn bounce exactly off it's 10-day moving average and regain almost it's entire earlier loss. yhoo and cmgi even managed a positive close. i therefore suspect that the announcements regarding their demise may be a bit premature. hb