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As of yesterday's close we still have a bearish CBOE Total P/C 0.427, and a
close to bearish Equity P/C 0.371 and a falling $C/$P at 1.18. More less
risky longs occur when the $C/$P finishes the drop to 0.5, but 1.18 is close
to neutral facilitating a whipsaw. Expected down day today would take the
OEX to 800 to 802. A whipsaw could take it up to 813 to 814. There are two
intersecting channel lines close to 806 and we know how the 5 point strikes
are as ellusive as oiled marbles as expiration approaches.
BobR
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