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Post# of 704019
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TJ Parker

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TJ Parker

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Thursday, 08/19/2004 6:50:23 PM

Thursday, August 19, 2004 6:50:23 PM

Post# of 704019
schaeffers 2cents
2:09 PM Semis May Continue to Feel Pain

The Semiconductor HOLDRS Trust (SMH: sentiment, chart, options) has been the site of a large amount of call option activity recently, and the pain may not be over thanks to a high level of investor optimism. The trust's Schaeffer put/call open interest ratio (SOIR) has been trending lower to its current level of 0.45, below 99 percent of all readings taken over the past 12 months. Today's option activity on SMH has been no different. The volume put/call ratio is currently 0.59 on heavy activity at the August and September 30 strikes. This type of pessimism amid a strong down trend in the share price can be an indication of further weakness. -JDS
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