PUT/CALL ratios for april 29
CBOE total: 0,53
individual equities: 0,38
OEX: 1,92
VIX : 25,95
PVI(CBOE):0,86
PVI(OEX):0,80
ind.equ. call vol.: 467,391(+8,978) put vol.:176,402(+3,213)
OEX call vol.: 18,511(-2,163) put vol.: 35,533(+3,062)
OEX open interest: calls: 148,084(+5,498) puts: 208,486(+3,830)
not much has changed from the situation depicted in the last report. we still see the same dichotomy of a bearish ind.equ. ratio couple with very bullish OEX readings. the market should therefore stay confined to a tight trading range in the near term. in the OEX may series, the largest open interest can be found at the 650 and 660 put strikes and the 720 call strike which lends support to this argument. PVI data show further normalization and can now be regarded as neutral. there has been an increase in call buying on certain cyclical stocks lately. the standouts are NAV, NEM, ABX, MMM, DD, all of which saw heavy additions in out-of-the-money calls over the past few days. this may cap their near term upside and maybe hints at a correction in the group soon (likely a buying opportunity). btw, Laszlo Birinyi argues that the rotation out of the tech stocks is not confirmed by his money flow data and they should therefore also be regarded as buys when they correct. a little cautionary flag has been raised by the chief strategist of brown bros. harriman turning bullish due to the improved breadth. he was among those calling for a correction some 1,800 dow points ago.
hb
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