MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote ()	8/9/1999 2:45:00 PM
From: John F. Summa	Read Replies (1) of 19219

Looks to me that we may have some more range contraction on SPOOS/OEX, and a possible inside day, which follows similar volatility compression on Friday. This is a loaded gun! The question is will the next volality expansion move us higher or lower. If the long bond damage doesn't tank the market today, it seems any good news should move us into a relief rally from here IMHO, especially given the extreme spike readings on the CBOE equity put/call ratio (weighted by volume). Friday's value = 1.23 (oscillator) an bullish (contrarianwise) extreme reading, which followed two lesser extremes on Thursday and Tuesday. Volume weighted CBOE equity only put/call ratio oscillator is computed like this: daily CBOE equity only put/call ratio - .44 x daily equity options volume/100 = oscillator Friday's: (.62 -.44)670/100=1.23 John Summa The OptionsNerd

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