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MKT: OEX may not reverse yet

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<DIV><FONT size=2>Last week we had the opportunity of following the OEX along 
a</FONT></DIV>
<DIV><FONT size=2>path throughout the week.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>Today, the OEX (30 minute) completed a very short leg 
pullback</FONT></DIV>
<DIV><FONT size=2>from its upward path.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>It is interesting that&nbsp;in the prior pullback, that 
pullback closely</FONT></DIV>
<DIV><FONT size=2>matched the most bullish of the projections and this led to 
the</FONT></DIV>
<DIV><FONT size=2>week long (almost) rally in the index.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>This just completed pullback almost exactly matched the 
most</FONT></DIV>
<DIV><FONT size=2>bullish projection for it and now after the turn it is 
possible that</FONT></DIV>
<DIV><FONT size=2>the OEX will track the most bullish projection to about 720 
on</FONT></DIV>
<DIV><FONT size=2>Wednesday.&nbsp; </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>The way the projections are structured however I would not 
bet</FONT></DIV>
<DIV><FONT size=2>all the eggs in the basket on the OEX doing that ! ! ! 
</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>I will delay my venture into Puts for a couple of days unless 
</FONT></DIV>
<DIV><FONT size=2>things turn South Monday.&nbsp; I bailed the Calls about 3:10 
today.</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV><FONT size=2>Clyde Lee</FONT>&nbsp;</DIV>
<BLOCKQUOTE 
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
  <DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
  <DIV 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B> 
  G.John Boggio 
  </DIV>
  <DIV style="FONT: 10pt arial"><B>To:</B> <A href="mailto:eadamy@xxxxxxxxxx"; 
  title=eadamy@xxxxxxxxxx>Earl Adamy</A> ; <A 
  href="mailto:realtraders@xxxxxxxxxxxx"; 
  title=realtraders@xxxxxxxxxxxx>realtraders@xxxxxxxxxxxx</A> </DIV>
  <DIV style="FONT: 10pt arial"><B>Sent:</B> Friday, October 08, 1999 
14:31</DIV>
  <DIV style="FONT: 10pt arial"><B>Subject:</B> Re: sp500</DIV>
  <DIV><BR></DIV><FONT size=3>Realtraders,<BR><BR>&nbsp; In lieu of the recent 
  posts on the direction of the S&amp;P, I thought I would attach a 60 minute 
  chart of the S&amp;P Cash.&nbsp; Simply, in light of a quickly declining VIX 
  and a market that is clearly approaching resistance on the 60 minute time 
  frame, I do NOT think aggressive buying of equities is the best strategy at 
  this point in time.&nbsp; Personally, I just picked up some OEX Nov 690 puts 
  at 15.125.<BR><BR>Hope this helps,<BR>John 
Boggio<BR><BR></FONT></BLOCKQUOTE></BODY></HTML>
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