This is the one that stuck out for me: 3/9/09 ISEE reading of 220. This was the day that SPX closed at 676.53, which was the bottom (measured by SPX closing value) of the past bear market. That reading of 220 was the highest since 12/20/2005 and it was not surpassed again until 12/10/2010.
I hope we go down soon. I only shorted a few contracts in the last week of april but am down over 25% on my account. I am lucky i didnt go all in, this rally is indeed disgusting.
Yeah at market extremes you can get extreme readings on both sides. I can deduct why we most likely had a high reading there at the bottom having lived through that day. When the market was in freefall at that point, it was obvious that bottom was near and at the same time nobody was going to try to catch it. Just being off by one trading day could cost you 100 handles in the spoos. I think as we got near that level, people were bottom picking with calls instead of the underlying. I remember that March vividly. It was a news driven market where every rumor shot the spoos up and down 100 handles on nothing. Exchange margins would going vertical. The only way to play was with call options. That would be my best explanation as to why you saw that reading on that day such as it was. Just one man's opinion.
It's interesting that the equities readings are very high but the indices and ETF readings are very low. 09:50 Equities: 343, Indices & ETFs: 28 10:10 Equities: 293, Indices & ETFs: 20 EDIT: Come to think of it, this could just be due to hedging.
Yeah the ETF and index only reading is usually below 100 and is predominantly used for hedging. That's why I like to focus on the equity only. A side note, there are now a LOT of people trading weekly options and expiration day options so I can't honestly say how much of that today on the equity only is due to expiration day gambling.
ISEE went out near the lows, pretty bullish sign. Put buyers in full force all day long. Mantra continues to be, get long, buy puts, sit on hands.
Leave it to Zero Hedge for noticing the 1666 close (spooky). LOL. http://www.zerohedge.com/news/2013-05-17/sp-1666 Exactly 1000 pts from the 666 low. Who is running this show?