Correct, today and Monday, however, one should not rely on a single indicator. The equity P/C ratio was skewed this week (all three days) by massive positioning in the QQQ 2005 leaps, position that were not of the "gambling" type, but probably hedge type. The positions were so big (in excess of 100,000 contracts or more than 1/3 of the total put volume) that they must have been initiated by "the boyz" rather than Mosis. Other indicators do not indicate that we are even close to a turn point, on the contrary excess optimism still reigns despite the breach of 8000 on the Dow and 1300 on the Naz. I would not be surprised if these costless operations were initiated to obfuscate the equity P/C ratio as a sentiment indicator so as to lead the public to think that a turn is imminent. Just because I am paranoid, it does not mean "they" are not following me. (g).
Zeev
PS typically leap (all leaps) in the QQQ trade at between 5000 to 10,000 day, here we had days with 150,000 contracts.
