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To: Enigma who wrote (55883)	7/7/2000 12:22:52 PM
From: pater tenebrarum	Respond to of 116796

no, the contrarian stance is that these ratios are bearish. they denote that there's a lot of rebound speculation in XAU stocks - many calls being bought. as a counter-example, from October to early March, put OI in semiconductor stocks far outweighed call OI, as everybody was speculating on the sector falling. as a result, it marched higher and higher. the options crowd is traditionally wrong...