--- Begin Message ---
To: djones2@xxxxxxxxxxxxx
Subject: Re: MKT: OEX P/C ratio
From: nwinski <nwinski@xxxxxxxxxxxxxxx>
Date: Tue, 22 Jul 1997 15:30:01 -0700
Organization: InfiNet
References: <33D4D56F.66BF@xxxxxxxxxxxxx>
Reply-To: nwinski@xxxxxxxxxxxxxxx
Glen Jones wrote:
>
> FYI, at about 12:15 pm ET the volume of August OEX calls was 20,369
> including ~ 10,000 Aug 930 calls. The volume of OEX puts was 10,275.
> Who bought all those 930 calls (unless it was a data error). The
> unadjusted mid day P/C ratio was almost 0.5. Even if there were only,
> say 2,000 Aug 930 calls bought, that would have the mid day P/C ratio
> at a relatively low .84. Some players are betting big on an explosive
> upward move in the OEX. The low P/C ratio would imply a move down.
>
> Glen Jones
Glenn,
Although I don't use intra-day option data, my option sentiment
still showed a fairly high level of bullish sentiment. This was down
somewhat from the high levels of Wednesday of last week. The current
level, as of last night's close, although showing a greater than average
bullish sentiment, would not necessarily preclude an up swing. Given
the huge up cycles for this week, I would not be surprised to see
SPX approach 954 by 7/28.
Norman
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