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Commentary Topic from greenfaucet

Friday Morning: Shaq, Kass and Sentiment

Let's take them in opposite order of this post's title. Sentiment  The VIX closed at just a little under 24 yesterday. Yawn.  Total CBOE put/call ratio? 1.14. Reaching above 1 (more puts than calls purchased) is at least encouraging, but a panic-type reading would see this level solidly above 1.3.  In other words: for a 300-point down day, there was indeed far too much complacency. There's no evidence this market has washed out yet. Doug Kass