On 8/22 the equity P/C ratio was .41 a clear and present danger signal (one of many reasons for my "get right now" at 1426 that day). I have .56 for Friday, and .49 for 9/11/02 (another get out call at 1347), but you don't always get that extreme when minor retracement are due. If we get the sub .45 or worse, than that 1222.22 might be taken out (once more, if other "parameters agree, they often do when the P/C ratio get that low).
Zeev
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