PUT/CALL ratios for april 26
CBOE total: 0,43
individual equities: 0,34
OEX: 2,07
VIX: 23,91
PVI(CBOE): 0,61
PVI(OEX) : 0,31
ind.equ. call vol.: 515,359(+36,894) put vol.:176,533(-4,308)
OEX call vol.: 10,465(-5,061) put vol.: 21,623(-13,488)
the CBOE total ratio has turned bearish, as has the individual equity ratio. the OEX ratio is still extremely bullish, with the 10-day MA setting a new record yesterday, hitting 1,86. once again i feel obliged to point out though that OEX options volume has dried up to such an extent that the signal given by the ratio becomes ever more suspect. the PVI figures, though still suffering from expiration week distortion, reflect this, as they have reached farther into bearish territory. due to a strong showing by overseas markets today and good earnings by internet companies(e-bay) plus the hype created by the hambrecht and quist technology conference the market may well enjoy another strong day today. if so, i'm looking for the ratios to deteriorate further. so while we may go higher from here, i am now becoming increasingly cautious. the turning point draws nearer.
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