Put/call is probably part of what's keeping the market up. One thing to consider is for the the last year, vix around 14 has been very strongly associated with tops.
>> (except excessive index put buying as hedge by big traders). <<
It kicked in shortly after the "massive casualties" headline, and even though the market rallied back on the "pepper spray" revision, the current put/call ratio shows that "large traders" were caught unhedged for that 15 minute freefall...
Could the "put floor" be coming back to the market or just temporary support???
Z: SPX RSI (5) is 79.5. But the indicators I am referring to are an ndx oscillator and the other is a cumulative tick indicator. Both are stretched suggesting we either reverse or hang until a reversal.
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