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To: donald sew who wrote (32031)	12/28/1997 10:39:00 PM
From: Patrick Slevin	Respond to of 58727

When I just looked at the chart again I got the impression that it is a daily indicator and therefore worthless....worthless because this week would not have provided enough data to rely on. You are correct, it is supposed to be a contrarian indicator. Call volume vs put is high because the ratio is low...I presume you were looking at equity p/c although index is biased towards calls as well... What happens? Well, the logic is when calls outsell puts by certain levels (differing levels depending on whether they are index or equity) then the 'speculative' money is too bullish and the market should decline. The reverse is also presumed.