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Glen Jones wrote:
>
> My reading of the stock charts tonight suggest that a sharp correction
> is about to occur. There are many sickly looking head/shoulders
> patterns setting up right now, most pointing to a downward resolution
> within days, perhaps starting tomorrow. I don't know what the inflation
> and sales numbers will be, but even if they are bullish, I believe the
> market will sell off anyway very shortly. Adding support to the bearish
> case was today's OEX put/call ratio of 1.06. This is a relatively low
> and somewhat bearish ratio in spite of the sharp drop in stocks in the
> afternoon. The equity put/call ratio has been bearish for many weeks,
> but the bearish case has not been resolved. I believe it will be soon.
> Use extra care if you are long now or intend to go long in here.
>
> Glen Jones
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I am showing the OEX p/c ratio as 0.998 based on data from CBOT as
follows: puts: 88369 calls: 88559. I agree with your forecast but
wondered where you got your numbers.
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