RCKS,
my thinking is that with regard to market indices, the use of Black-Scholes pricing of derivatives -- options and futures -- means that the only people making money, on average, are the clearing houses. If the B-S (not a pun) curve works, as I think it does, then the integration of volume/price always converges very closely to the last trade at the end of every day with the net result that it doesn't say anything about final price a few days later.
Those comments are for indices, not common stocks. I think Put/Call ratios, and imbalances, are much more meaningful for common stocks (not for indices).
Since this subj. is not very close to northam's system, and I don't want to make anyone cranky, this is it for the day -- at least.
