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To: JohnG who wrote (45026)	10/16/1999 8:45:00 AM
From: Cooters	Read Replies (2) \| Respond to of 152472

<<What ranges are normal and what ranges have what significance.>> JohnG, The basic idea behind the put/call ratio is options traders are the most speculative, so large shifts either way can be used as contrary indicators. It is a very accurate indicator. I have not followed it for many years. Based on eye-balling the put/call volume in the WSJ every day, I would say normal is a much smaller number than before, meaning call volume outnumbers put volume(on average) by a larger ratio than I used to see. Regardless, it never seems to exceed 1.00 any more, meaning put volume exceeds call volume and indicating options traders are very bearish. It looks like this finally happened yesterday, and would indicate to me we are at, or close to, the end of this down move. Cooters