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Hi Norman,
Thanks for sharing your proprietory work with the group. Much appreciated.
Did you happen to see the Commitment of Traders post on this list yesterday
(excerpted from Crash Proof Advisors by Norman E.)? Significant jist thereof
is quoted here:
"Currently the Commercial hedgers are short a record 66,352 contracts while
the speculators are long a record 55,273. Both groups have been increasing
their respective positions as the market has declined...The massive
divergence that we currently have is the first major divergence since the
1994 bottom." The conclusion drawn is for extreme long term bearishness.
Care to make a comment, particularly in light of your post noted below? The
C of T info is stated to be for long term projection, while your post seems
to be relatively shorter term in nature. And perhaps that is all there is to
it. But any insites you could offer would be appreciated.
TIA, Bo.
>From: "Norman" <nwinski@xxxxxxxxxxxxxxx>
>Subject: [RT] Current Market Sentiment
>Date: Tue, 31 Oct 2000 18:37:10 -0500
>
>RT,
>
> Here is both a trick and a treat.
>
> The NOW index, my proprietary measurement of daily CBOE option
>sentiment, shows as of today's close, despite the recent substantial rally,
>that the majority are still slightly BEARISH. The traders are fighting
>this rally all the way up. This does not preclude the possiblity of a
>pullback, but it does strongly imply that in the bigger picture that this
>rally have a good deal more to go. Additionally, the extreme numbers
>generated near the bottom implies that this rally should be good for
>several weeks or more.
>
>Scarily,
>
>Norman
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