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Well, there is three times as much money traded in oex calls as puts, which
is a bit of a concern, especially when the $C/$P makes a lower high
diverging from the OEX as it is now compared to point L on the chart. We
should see some retrenchment rather shortly, within days.
BobR
----- Original Message -----
From: Phil Lane <patterntrader@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, June 16, 2000 6:17 AM
Subject: [RT] Re: S&P Bullish view
> well, I'm predicting the shorts will get hammered!
>
> the key is the volume and breadth - the market has been consolidating in a
> narrow range for nearly two weeks following the huge surge off the
bottom -
> if it was gonna crap out it would have by now - instead the "tone" has
> remained firm throughout. Also note that the the bearish sentiment has
> refused to decline during this period (at least for last week, don't know
> about this one). It seems like a perfect situation - if stocks had
continued
> to shoot up the rally would have been unsustainable. This little pause is
> allowing stocks to finish forming their individual basing patterns. Some
are
> outperforming - ones that were making new highs (and there weren't too
many)
> back on 5/24 when the reversal happened are doing exceptionally well. I
> believe I made a posting to this effect at the time. Might have been the
> O-list, I don't remember. My favorite pick was ADCT - it was barely
affected
> by the correction while most stocks were destroyed. I remember someone
> thought it was "overvalued". (Warning: This kind of thinking will lead you
> to buy stocks in downtrends!!!). Also went long the futures on 5/24.
> Increased 3 days later when the market followed through. And again on
6/13.
> Waiting for the next leg - meanwhile the boredom has been alleviated by
all
> the daytrader chatter on the RT list....
>
> rgds phil
> http://www.patterntrader.com
> disclaimer: Sometimes I'm dead wrong!!!!!
>
>
> ----- Original Message -----
> From: Michael Ferguson <wl7bdn@xxxxxxxxxxxxx>
> To: <patterntrader@xxxxxxxxxx>; <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, June 16, 2000 5:45 AM
> Subject: Re: [RT] Re: S&P Bullish view
>
>
> > Or, a narrow sideways channel, butting up against resistance. The
question
> > is, are the longs or the shorts facing higher risk?
> >
> >
> > Michael
>
>
>
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