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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (8507)9/18/2001 2:34:54 AM
From: J.T.  Read Replies (1) of 19219
 
A comparison of different market selloffs and corresponding P/C Ratios in the last year and compare today's capitulation confirmed by spike in VIX and TRIN to last monday's 9/10/2001 tape action where the market closed virtually unchanged:

Equity/ Index/ Total Put Call Ratio Half Hourly CBOE Exchange Report 


         10/11/2000    03/14/2001   03/15/2001   09/10/2001    09/17/2001

Time

        
9:00  AM    1.42         1.16         0.81        1.49            0.89
9:30  AM    1.09         1.11         0.89        1.58            1.09
10:00 AM    1.13         1.07         0.91        1.35            1.23
10:30 AM    1.09         1.02         0.81        1.29            1.10
11:00 AM    1.11         1.00         0.87        1.14            1.10
11:30 AM    1.05         0.99         0.89        1.10            1.05
12:00 PM    1.02         0.99         0.91        1.05            1.06
12:30 PM    0.99         0.99         0.91        1.12            1.05
1:00  PM    0.96         0.97         0.96        1.04            1.04
1:30  PM    0.95         0.95         0.95        1.05            1.05
2:00  PM    0.95         0.92         0.96        1.04            1.07 
2:30  PM    0.93         0.89         0.95        1.03            1.04
3:00  PM    0.91         0.90         0.96        1.01            1.11


In summary, the deck is stacked heavily in favor of the Bulls tomorrow for a major reversal and solid up day. This is confirmed by the fact that we closed higher than we opened on this ratio and that even more important this ratio was for the first time ever closed decisively over 1. To have both tests booked in the same day is a rarety and unheard of and screams reversal.

Best Regards, J.T.
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