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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: John T. who wrote (24459)	9/2/1999 2:05:00 AM
From: Andy H	Read Replies (1) of 99985

I, too, have kept daily stats on the CBOE put-call for over 15 years. Today's action surprised me, particularly since I took a rare day off and only now am reviewing today's stats. However, I read in TheStreet.com that MSFT today had an annual rollout of put options written in conjunction with its buyback program. According to the article about 100,000 puts were traded by MSFT on the CBOE today, which skewed the volume ratios. In all my years of tracking these numbers, I can't recall such a high ratio on an up day that did not follow a crash type day. I don't like to make excuses for the numbers, but today I will make an exception and not treat it as bullishly as it appears.

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