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Market Commentary

By Lawrence G. McMillan

Early this week, $SPX closed at a new relative low, and many of the indicators appeared to be turning bearish (for example, $VIX closed above 14).  However, prices have rallied since then, and $SPX made a marginal new all-time high today -- both intraday and closing.  Is this probe upwards more effective than the probe downwards was a few days ago?  It's hard to say, but a further close at new highs would solidify an upside breakout.

Equity-only put-call ratios have turned negative.  The standard ratio (Figure 2) has clearly begun to rise, and that is definitely a sell signal.  However, the weighted ratio's sell signal is...

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