2007-3-20 2006-10-31 The first chart shows a 25 day moving average of the total put/call ratio. You can see how high the indicator was prior to the July bottom. Higher prices represent bearishness and as this is a contrary indicator, these higher prices suggest that a huge market rally is underway. QQQQ is behind the indicator. You can see how the index has been basically flat over the past few years. Even though the index is only being shown on a small part of the chart, you can clearly see what we mean when we say we have been in a trendless market the past few years. 131925 text/html http://www.nasdaqwizard.com/midweek091306.html 1.0 EN index,follow Moving Average of Put / Call Ratio Moving Average of Put / Call Ratio text