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So far the October/November PC ratios have a similar pattern to the
April/May lows where the more bullish ratios occured in the first month of
each monthly pair. As of Friday close the $C/$P (from Bob Carver at Market
Clues) reached the overly pessimistic level of 0.42. Where 0.5 is contrary
bullish and 2.0 is contrary bearish. The CBOE Equity P/C has moved into
bullish levels and the Total P/C ratio is getting close. Total put volume /
Total call volume is also indicating the same thing. Equity only put volume
is neither bullish nor bearish. Once they all reach these levels the price
low is at hand or within a few days. From this perspective it could be
argued that we should see some consolidation early this week and possibly
some reversal. VIX is also above 30 where a reversal has a high
probability.
BobR
http://www.oextrader.com
sigma trader
http://www.zubee.com
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