I recon that has got to be one of the best TA indictors, We should log bull vs bear comments and plot it on a graph we will call it the "princess liela, may the force be with youc" or the " PLMFY indicator" for short indicator. I recon we could black box the formula and sell it for a fortune.
there is more truth to this than what we realise....many traders use the put call ratio as an indicator of market internals.....but not in the way you would think...the higher the ratio of puts to calls (i.e. the more shorts than longs) the more bullish the market and vice versa....
john, not completely out the window. There was a chap looking at the idea in the late 90's, tracking media stories and online postings to gauge a bull/bear split. He then charted it and when bull or bear got way extreme he figured take an opposite position. Last I heard from him was early 2000 when he was shorting everything that moved (seeing as everything/body was bullish to the extreme) - not sure how it worked out as there was still some massive upside before the wheels really fell off. But in essence this is the theory of bear/bull phases. The last phase sees everybody bullish and paying any pruce or giving up (bearish).
"princess liela, may the force be with you" or " PLMFY indicator" a nice twister sorta name.
SIMMERS by super idego on 31 Jul 15:14 I would be cautious considering the (relatively) low volume today, divergence in DMI, break from the up channel (26 Jun) and no supporting indicators, other than stochastics
by john on 31 Jul 15:19 This from a man who makes his money going short!
Yup, have to agree with you John. This little ol' correction (dare we whisper crash?) looks different to last June/July and this year Feb corrections. Last week's drop smashed straight thru the support line from those 2 events and Mon and Tues gains did not even get it back to that support line. OMO this is going to get nasty.