PUT/CALL ratios for april 21
CBOE tot: 0,44
individual equities: 0,34
OEX: 1,33
VIX: 24,55
ind. equ. call vol.:568,518(+68,516) put vol.:190,803(-18,068)
OEX call vol.: 21,289(-2,839) put vol.: 28,396(-8,412)
the CBOE total ratio and individual equ. ratio are bearish at these levels, flashing a near term danger signal. OEX options volume has all but dried up, falling sharply from the levels seen during expiration week. while this is normal when a new front month series takes over, the size of the decline in volume isn't. yesterday's action shows not much conviction one way or the other. a helpful indicator to aid with the interpretation of this phenomenon is j.bollinger's put volume indicator, which currently stands at 0,31 which is decidedly short term bearish (details on the PVI to follow in my next P/C post). due to the recent strong earnings reports (most notably ibm's) as well as very strong overseas markets (the HEX simply exploded today, FTSE and TOTAL also very firm)i expect the market to be very strong today from the outset. if that should indeed be the case, i will look for the p/c ratios to deteriorate further, maybe even to the point of 'panic buying' in calls. that would set the market up for a considerable setback, probably starting early next week.
hb |
