PUT/CALL ratios for april 23
CBOE total: 0,59
individual equities: 0,38
OEX : 2,26
VIX : 23,96
PVI (CBOE): 0,78
PVI (OEX): 0,45
ind. equ. call vol.: 478,465(-100,469) put vol.: 180,841(-19,681)
OEX call vol.: 15,526(-6,872) put vol.: 35,111(-11,315)
overall options volume receded further on friday, which is normal as many people don't like to hold premium over the weekend. it also reflects some indecision among traders as to the market's near term direction. a favorable development for the bulls is the fact that call speculation in individual issues has diminished considerably. with regards to the OEX, call demand has dwindled to extremely low levels. front-month call premiums have accordingly contracted sharply across all the strikes that saw some volume on friday, on a minuscule -2,60 point move in the OEX. the OEX p/c ratio is once again at extreme levels, which are normally interpreted as very bullish. it is noteworthy that the 10-day MA of the ratio stands now at 1,80 - an all-time record to my knowledge. note also that the bullish ratio on the OEX options is produced on very low overall volume, which puts a little question mark over the signal's continued validity. the PVI data are still distorted by the inclusion of expiration week in their calculation, but would normally be considered bearish on the OEX and neutral on the CBOE total figure. the statistical distortion should work it's way out in the course of the week, allowing a clearer picture to emerge.
hb |
