Topsy-Turvy Sentiment
Want another example of how emotional and minute-to-minute the market has become? On Monday I woke up to the futures down about 15 handles, and it was all "Henny Penny the sky is falling" commentary. About two hours into the trading day, the S&P 500 was almost 10 handles off the lows and everyone was excited because the index had "held."
We saw this play out in the put-call ratio as well. Early in the morning, the ratio was above 100%, but after the market rallied it dipped and kept on sinking until it finally closed at 84%. To put that in perspective, the put-call closed at 84% last Tuesday, making the readings on Monday and last Tuesday the lowest two since late April. There might have been fear in the early going, but a 10-handle rally took care of that....347 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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