Thursday, December 14, 2006

Midday Check

The market continues to hover in new high ground territory, at least for the Dow and SPX. The COMP still has some work to do before it gets to new highs. But as it appears to be breaking out of its three-week consolidation, I expect it to reach new highs soon.

The ARMS Index is very low today, but that is offset by higher levels of bearishness showing up in the put/call ratios. The CBOE put/call hit 0.95 a little while ago, and the ISEE has dropped to an extremely low level of 93.

I am not sure if some of these figures are being skewed by expiration, but they are worth mentioning nonetheless.


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