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To: Don Lloyd who wrote (118556)8/28/2001 4:49:28 PM
From: patron_anejo_por_favor  Read Replies (3) of 436258
 
Don, to my view, if the P/C is over 1.0 on a closing basis, it's a yellow flag. If the 10 day MA of the P/C (which I consider to be more reliable) is over 0.8, it's a red flag of an imminent turnaround.

Generally, less than 0.40 is bearish.

Some folks look at the "equity only" component of P/C, because index puts are used less often for speculation and more for hedging by institutions (and are thought to be less representative of "dumb money" whatever that is).
An equity P/C over 0.9 is bullish, under 0.4 bearish.

As an aside, I still find P/C's to be the most valuable single sentiment indicator available. Surveys (of bullishness and bearishness) aren't as valid because they don't actually measure what the investor is doing with his hard-earned coin. P/C's do.

Regards

Patron
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