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Non-Tech : Raptor's Den
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To: Shack who wrote (5438)11/9/2002 11:33:16 PM
From: mishedlo  Read Replies (1) of 10157
 
Shack - several comments.
1)PC ratio was very low for two weeks. Now on a one day spike this is supposed to be bullish? I say bullshit.
2)A turn towards puts would be a reversal of call buying and not bullish at all. Perhaps it suggests Call buying has exhausted itself which suggests that perhaps we are in for a period of profit taking. This is completely different than a spike in PC ratio AFTER a buildup of puts!
3)As you point out, I do not trust those numbers anyway and have commented on it many times. I am sick of commenting on the reasons that on any given day the PC ratio is likely to be meaningless. Not going to repeat myself here.
4) Vix does not comfirm as you pointed out. I was watching that myself all day Friday.
5) Yes it could have been closing of puts not opening them
6) We are nearing expiry. All kinds of stuff happens here with rollovers etc.

After this huge runup, with many key stocks still above pain, a one day reversal in sentiment is more likely to be correct than incorrect, if it did indeed happen at all.

M
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