Phantasmix Stock Market Blog

Traders just can’t make up their collective mind! Call-to-put ratio oscillation in the last 2-3 weeks is indicative of the general indecision in the markets.

Click to enlarge

S&P 500 ($SPX)

2-year weekly chart of S&P 500 index
Getting overbought, so we can probably expect some weakness in the next week or two. Vertical lines show previous times when weekly RSI(3) was in overbought territory and slanted lines show market softening as a result.
I think those will be buyable dips, unless the U.S. dollar strengthens.

$VIX

Daily chart of the Volatility Index
Broke down (but still sort of at support if you draw a horizontal line)

XLF

Financials ETF daily chart
While it’s overbought, the question is — do you want to mess with the government? Besides, the sector is coming out of a severely oversold condition (85% drop!)

Have a good weekend, you.

Click charts to enlarge

$SPXA50

Normally we’d short about here or very soon, right? Beware, this can be a repeat of the Apr-Jun 2007 period.
I’m in “buy the dip mode” at this time, not “short the spikes”.

$CPC

Taking a longer-term look at the put-to-call ratio chart, 1.5 years.
Interesting slope….. More and more call buyers.