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RT,
I agree P/C is neutral right now. Keeping it real simple, there is a
convergence of a downtrend line and the 62% retracement for the S&P Cash at
about 1472. The 20d Bol. Band is 1481.
The lower Bol. Band on the VIX is about 26, it closed about 27.5.
A close of VIX under the band, S&P stopping at the DT line, and an IBD or
CBOE low reading of P/C is an ideal short term sell signal in my opinion.
In this downtrend, IBD P/C ratios of < .40 have occured on 4/3, 4/7, 4/25,
5/1.
Ray F
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