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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: Al Serrao who wrote (8987)8/16/2000 5:47:55 PM
From: Dave Shares  Read Replies (1) of 9427
 
Al,

The VIX confuses me too. But I have read that the VIX is based on OEX option trading, and OEX options are more thinly traded than they have been historically, so one must wonder how good the VIX is as a market barometer, although one must also wonder about whether the upside is limited with the VIX at such a low level.

While I have not checked Put/Call ratios on index options over the past couple of days, there had been enough put buying going on to continue to fuel a rally from last week.

I think if the VIX broke 20 and the put/call ratio turned lower, I would see that as a truer warning signal than looking just at the VIX.

For what its worth,

David
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