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To: xstuckey who wrote (80439)	12/20/1999 11:45:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

the OEX ratios don't mean much, as very little trading takes place in these options. the dollar volume of OEX puts is scraping along all time lows all year long already. as for index options, it probably makes more sense to look at a composite of the SPX and OEX options, as often when the OEX p/c ratio looks bullish, tons of SPX calls are bought. the p/c ratios of these two indices flip-flop a lot, often on the same day. anyhow, on friday we had almost 1,3 million equity calls traded...the umpteenth record figure over the last few weeks. there is simply no denying the fact that speculation is more rampant in this market than ever before.