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To: Didi who started this subject	8/25/2000 7:07:58 AM
From: Didi	Read Replies (2) of 1115

Commentary--Lawrence McMillan for Thursday, August 24, 2000... optionstrategist.com Edited for ease of reading. >>>Stock Market: It is almost inconceivable that none of the major equity-only put-call ratios (above) has generated a buy signal. The "normal" equity-only ratio continues to creep higher and is actually getting into territory from which we have seen reasonably strong buy signals in the past. However, there is no buy signal yet. Meanwhile, the weighted equity-only put call ratio is in a similar situation although it hasn't reached extreme heights (yet). Finally, there is the breakdown into the NYSE and NASD components. Both of these remain on sell signals as well. The NASD ratio is more bearish because it is racing upwards. So it appears that the negative character of the NASD stocks has permeated all of the above put-call ratios; the put buying in those NASD stocks appears to be keeping all of these ratios on sell signals. In summary, we continue to feel that mildly bearish positions are called for.<<<

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