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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (34809)	2/8/1998 4:57:00 PM
From: sergio	Read Replies (1) of 58727

Don, I don't follow individual equities p/c ratios because there are just too many of them. I use the total equities and total indices as my guide, plus the two, oex and spx since they have both liquid contracts. Before this latest run, there were more oex calls both volume and OI, therefore I took the opposite of being bearish, but didn't realize the OI on puts were catching up to calls OI. So I stayed in my put position and slowly bleed. Yes it is a contrarian indicator, over one on call/put (not put/call) on indices is bearish for me. I have noticed that in the last 3 months, where I saw call/put being over 1, the next day intraday it was much higher than previous day close, but at closing time it was down. Too bad I can't get these ratios on-line (free) quickly without whipping out the slide rule. End of day it becomes available on CBOE. Sergio

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