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

To: Les H who wrote (14389)	5/19/1999 6:01:00 PM
From: Sonny Blue	Read Replies (2) \| Respond to of 99985

SOX closed at a new high @ 429. A break out? Maybe, but a weak one.

To: Les H who wrote (14389)	5/19/1999 6:23:00 PM
From: pater tenebrarum	Respond to of 99985

Les, there has been a lot of OEX call buying for three days in a row. it's suspicious, but some of it were straddles related to the FOMC meeting, and it's all concentrated in the may options which expire on friday. a few thousand contracts at the 700 may call were liquidated and rolled down to the 680 strike, that accounts for some of the activity as well. if they continue to load up on calls beyond the expiration i'll regard that as very bearish; i don't like the fact that so many calls were bought right after a sell-off, usually that means trouble. but based on the open interest distribution the market is probably not going to go anywhere before expiration. so it will be more important to see what happens when june becomes the front month. regards, hb