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Politics : Ask Michael Burke
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To: bill meehan who wrote (63509)6/30/1999 12:28:00 PM
From: John Pitera  Read Replies (2) of 132070
 
Bill, Thursday's ten day equity put-call ratio on the CBOE was .51.

There have been only three times in the past ten years with a lower ratio. In other
words times when people were more bullish have occurred only three times in the past
ten years, the first week of January 1999, --that was the top of the weekly and daily
advance decline line and also this year the first week of February of 1999. At that time
the daily advance-decline line was at a level that was surpassed only slightly, very
slightly, for one day at the May 13 high. And then going back almost ten years for the
third time in the last ten years was the mid-May 1990, a time period about two weeks
before the first of two tops on the New York Composite and the S&P before the
mini-bear market seen in 1990. That's it for the last ten years.

The daily a/d line is up only 2 days from a 10 week low, so it is surprising to see so
much bullishness in the equity put/call numbers.

John
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