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

To: bearshark who wrote (14637)	5/22/1999 12:30:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Bearshark, it's definitely possible if the long bond continues to strengthen, in which case C, AXP and JPM should soon rebound. the oils also look like they might have another go at it. GM had an island reversal and IBM,GE,MMM,MCD,S & CAT have higher put open interest than call OI(this may have changed due to expiration).so many INDU components may have some life left in them. furthermore the OEX and SPX today had a brief encounter with their respective 50-day EMA which has provided strong support ever since it was overcome in october. actually i'm still relatively sanguine about next week, but if i see the frantic call buying of this week continuing i will use rallies to lighten up on long positions and add puts. it is still possible that this weeks options activity was distorted by straddling ahead of the FOMC meeting and various strategies related to expiration. in fact todays data look somewhat more encouraging, and monday will show how things develop with june as the new front month. regards, hb