09-08-2004, 09:14 AM
shorts have covered and are waiting:
Equity option activity on the CBOE yesterday had 292,067 put contracts trade compared to 418,271 call contracts. The resultant 0.698 single-session put/call ratio has wrenched the 21-day moving average lower to 0.734. The CBOE Market Volatility Index, SPX implied (VIX - 14.07) rose 1.15 percent (OEX implied, VXO - 13.58, down 2.37 percent to post it lowest close since February 1, 1996). The Nasdaq-100 Trust Volatility Index (QQV - 19.95) added 3.48 percent and the CBOE Nasdaq Market Volatility Index (VXN - 21.44) gained 1.80 percent.
I believe there is some upside left to this mini rally.
Good hunting!
MT
Equity option activity on the CBOE yesterday had 292,067 put contracts trade compared to 418,271 call contracts. The resultant 0.698 single-session put/call ratio has wrenched the 21-day moving average lower to 0.734. The CBOE Market Volatility Index, SPX implied (VIX - 14.07) rose 1.15 percent (OEX implied, VXO - 13.58, down 2.37 percent to post it lowest close since February 1, 1996). The Nasdaq-100 Trust Volatility Index (QQV - 19.95) added 3.48 percent and the CBOE Nasdaq Market Volatility Index (VXN - 21.44) gained 1.80 percent.
I believe there is some upside left to this mini rally.
Good hunting!
MT