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As far as the OEX dollar weighted ratio $C/$P is
concerned it moved up from Monday's bullish 0.5 to the 1.08 neutral midday
Tuesday at that resistance point and then closed at a contrary bearish 2.17 on
the un-normalized ratio and 0.68 normalized(still contrary bearish).
Strangely the Exchange composite normalized ratio for the AMEX, CBOE, PHLX, PSE
is still moderately bullish at 0.4. This hints at an
index option related thing due to Friday's expiration. The question
then is, what carries more weight in regards to an expiration bias, the OEX
ratio or the Exchange Composite. Since the Exchange composite
represents many many more optionable stocks(many Nasdaq related) than the
S&P100 the inclination here is to remain psychologically biased for the long
side at least for the Nasdaq and NQ and QQQ. If the Exchange composite
were up near 0.7 when the OEX normalized ratio is at 0.68+ then
the probability bias would be for a substantial reversal. Infact
the Exchange composite hit a peak at 0.7 four days ago and has trended
downward since then. It would not be surprising to see the the Exchange
composite join the OEX ratio on the upside over the next three days. If
the OEX ratio remains at 2.0+ into Friday, then the Friday afternoon push may be
a downward one...just a suspicion....don't we all like to see teenies turned
into winning lottery tickets on Friday afternoon.
good fortune,
bobr
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Clyde Lee
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Tuesday, July 17, 2001 6:53
PM
Subject: [RT] OEX Daily Analysis
Here is the same old picture of the OEX
and it's RED
channel.
Still there, still looking for down
movement ? ? ?
Clyde
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Chairman/CEO (Home of
SwingMachine)SYTECH
Corporation email: <A
href="mailto:clydelee@xxxxxxxxxxxx";>clydelee@xxxxxxxxxxxx 7910
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at:
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Attachment:
Description: "$C$P.gif"
Attachment:
Description: "$C$Pnorm.gif"
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