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Wednesday, April 14, 2004

I've been pressed for time and not able to get back here. Market has weakened a lot since mondays close. Down around 140 points yesterday and down again today although not as much. Bonds got hammered. However the McClellan Oscillator is deeply in oversold territory and should be minus 200 something after todays action. I'd say to buy any weakness tomorrow morning for a bounce. Maybe some OEX 550 calls below $2. Sell them on any rally for a quick options expiration week double. I'd think about actually doing it but I'm trying to stay out and I do have a dentists appointment in the morning. But short term, calls would be the play. Market coming back at the close. Could be a possible hammer on the daily candlesticks. More later...

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