There was only 1 time on the charts that I could find, where we had P/C 1+ and the market sold off hard...
The final flush before 2002 bottom.
Even in 1998 P/C never got this high. And that was a scary decline.
As I said, we're operating with comparable levels of fear here. Don't discount it..
Levels of fear at the level of 2002 and we're still way above March high. Of course we broke some support and we may crakc some more here., but I'll stand by what I said.. any selling this week is a flush before a rally.
Edited by ogm, 14 August 2007 - 05:46 PM.