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To: mishedlo who wrote (28057)	1/14/2002 6:57:07 PM
From: Shack	Read Replies (1) \| Respond to of 209892

Mike, I agree with everything you've said in theory. I've read your thoughts on the matter before. But I have decent observational evidence that there is indeed a correlation between a MA of the hourly equity P/C ratio and a decent size oversold bounce/rally. I can't turn my back on it. Albeit things get funky during expiration week. Shack - FAST trading signals with P/C ratios is not the answer. Yes you are very right. I don't really use it as a hard fast trading rule in as much as I use it as a clue that we may be near a turn. I should not have used that term.

To: mishedlo who wrote (28057)	1/14/2002 7:28:22 PM
From: ajtj99	Respond to of 209892

Mish, as usual, a masterful grasp of the put/call situation. My hat (if I wore one) goes off to you.

To: mishedlo who wrote (28057)	1/14/2002 10:05:37 PM
From: velociraptor_	Respond to of 209892

Bingo! You got it right on. It's what I keep trying to tell people that there's a lot more to the story than a simple Put/Call ratio and you have to go further behind the numbers to truly understand what is going on. What strikes are being bought? How much money is being put into Calls and Puts? What month? The derivative picture has a much bigger imfluence now than it did long ago because of the sheer number of options being exchanged and the enormous leverage it can create. There's a lot of money that can be made, but a lot that can be lost as well. Good post.