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One last view today on where the $C/$P ended on the 4 major option exchanges
and where the OEX $C/$P is in comparison.
OEX $C/$P = 0.27, two days below 0.5 have pretty good odds of marking a
price low. Thursday's value was 0.56. It was in a steady downtrend all day
with no rally attempt. The straight black line is a fairly close
approximation of the start to finish for the Oex ratio and it looks bearish
as hell. Guess we can never tell how much is hedging and how much
speculating.
Total $C/$P for Amex+PHLX+CBOE+PSE = 0.50, i.e. $1 of calls to $2 of
puts...Very bearish and contrarily bullish.
The Pacific, PSE, which trades after the others close dropped to 0.31
because of the concentration in tech stocks traded there...most bearish
looking of all and reflects the Nasdaq sentiment.
The CBOE and PHLX are 0.46 and 0.45 respectively.....story is now obvious.
The AMEX is almost neutral at 0.94, they must trade a lot of bank and other
financial options there. Sometimes charts make sense.
Enjoy,
BobR
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