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To: marginmike who wrote (30662)5/23/1999 11:17:00 PM
From: Scott Overholser  Respond to of 152472
 
>>Is that bullish or bearish(are there more putts then calls?)
<<

it is bullish as a contrarian indicator when the ratio gets relatively high. the reason is simply that the crowd is usually wrong at the turning points. when the ratio gets high, it shows that the crowd has decided that the only way to make money is to be short of the market.