To whoever is listening.......the equity only put/call ratio was only 0.60 today when the market was down 3.4%. I don't have a crystal ball guys (or gals) but something seems just "wrong" about that. I think this market is VERY dangerous. I have been tempted to go long from all the oversold indications, and maybe that will turn out to be the thing to do after all, but I am just sending this out as a caution that this could be some sort of ultra complacency where bearish speculators are wiped out, and now this market will implode.
Short-term the market is now near oversold though, and with a news (payroll) associated large gap down, I could see a brief rebound as sensible since those are most often contrary set-ups. I would like to see the market up Monday, and then probably post an inverse trade of sorts at that point.
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