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This chart of the Exchange Composite $C/($C+$P) might be of some help in
deciding if the down trend for September has completed. In retrospect it
looks like those pouring money into puts on 8/28 driving the ratio down to
0.165 planned to stay with the bear mode until 9/21. It looks like a
seasonal technical thing that resulted in a bear campaign. Yale Hirsch
History has shown that September has the most down days so it just looks
like a commonly accepted strategy to be short in September. The ratio
stayed below 0.3 most of the month. On 9/20 a bullish divergence was formed
with the ratio low on 8/31. Then on 9/21 the OEX bottomed and we then saw
what happened on 9/24.
bobr
http://www.oextrader.com/sigma_trader
http://www.zubee.com
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