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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (39358)	5/12/2003 12:44:44 PM
From: orkrious	Respond to of 57110

from street insight A Bearish Sign 05/12/03 12:28 PM EDT Jay draws on a previous call to make a current call about this market. A few weeks ago I noted that the "dollar-weighted" equity put/call ratio had descended to about 75 cents in puts traded for every $1 in calls. That was the most trader optimism by this indicator in the past year and I contrarily concluded that prices would have a hard time rallying further. Uncooperatively they went up more anyway and the 21-day weighted average is now down to about 58 cents traded in puts for every $1 in calls. This is the lowest since April 2000, the same time the Investors Intelligence survey had as many bulls as they do now and that was a great time to sell stocks.