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Here is weekly "Fear indicator" I build.
Simply multiply VIX & OEX put/call ratio, then apply 3 week moving average (the middle section of the chart) when readings are low there is no Fear in the market associated with tops, high readings are at the bottoms. I marked dates when we had such low readings in past 10 yrs on that chart. Last time was April 2002 when market started bleeding till July low
slawek
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