Thursday, April 01, 2004

No doubt you will hear about the high put/call ratio from yesterday.  The total p/c ratio closed at 1.31, one of the highest readings we've ever seen.  However, per usual, a large part of the put volume was from a solitary trader in QQQ options.  I've showed several times how the QQQ p/c ratio has zero predictive ability and we should look at the p/c ratio minus QQQ options (which is posted on the site) for a better read on contrary sentiment.  The ratio with QQQ options removed closed at 0.54, which is about average. 8:34:51 AM