Market Currents
Despite April's bullishness, May's put/call ratio on the SPDR S&P 500 ETF (SPY -1.1%)...
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Monday, April 23, 2012, 2:16 PM ETDespite April's bullishness, May's put/call ratio on the SPDR S&P 500 ETF (SPY -1.1%) appears to be waving a caution flag to stocks. Front-month puts are building up, and going back to 2010 this has been a bad sign for stocks. Right now the ratio stands at a very high reading of 3.09. Historically, when the ratio is high, more often than not you wind up with losses.
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Too many dangers: N. Korea, European Economy-elections, Iran, Sudan, reaction to good earnings, US Presidential election, oil, Fed policy, etc.
The market has climbed a wall of worry for a long time, can it continue?
And.....an overextended market.
Still feel that it will take a few months to get a healthy washout.
Nonetheless, higher market year end.
MBrillson