suggested that nosotros mightiness hold upward inwards to a greater extent than of a arrive at environment. H5N1 pose out of traders apparently did non brand this shift; past times the halt of the day, I heard from to a greater extent than than a few frustrated bears.
The intraday CBOE equity put/call ratio (above) helps us empathise what was going on. Average put/call levels since the outset of 2010 convey been unopen to .63. Notice how bearish stance grew through the morning, fifty-fifty equally stocks were basing. Once the marketplace broke out of its morning time arrive at on company buying involvement (NYSE TICK) in addition to volume, put/call levels never dipped below average in addition to indeed stayed elevated during the afternoon. This bearishness helped buoy the marketplace through the afternoon trade.
Once nosotros broke obvious support, it was apparently fourth dimension to hold upward short. Unfortunately, markets rarely vantage what is readily apparent. H5N1 await below the surface at the put/call stance showed that the brusk side was crowded--and that gear upward a meaning reversal.
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