PC ratios

[yorker@xxxxxxx]

Bob,

What do you think about the market direction in relation to PC readings?
In other words the PC ratio is bearish but it is bearish after a market
downleg.  I wonder how significant this is.  I would say if the market were
overbought then the PC readings of late would definitely be a matter of
concern for the bulls.  But now the market is in no way overbought (short
term) and I am not sure exactly what that would imply at this juncture.  

My best guess is that with a bearish PCR and an oversold market we will get
a very strong move next week with the direction indicated early on. 

Kind regards,

Yorker