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SPY Put-Call Ratio Up But CPC Collapses

ByTrader Moe
Published 05/12/2015, 01:07 AM
SPY
0.61%
VIX
-11.62%

SPY Put-Call Ratio Rose Today

The SPDR S&P 500 (ARCA:SPY) put-call ratio rose today. It’s above the ratio’s 20 dma. Both SPY put and call volume were roughly halved, with put volume dropping a little less than call volume.

There was a big drop in open interest.

Normally during opex week this would be very bullish for tomorrow. But I don’t think this indicator is going to work the way it usually does during opex, because look at what happened to the CBOE Volatility Index total put-call ratio today:

CPC Daily Chart

The CBOE Total Put-Call Ratio Collapsed Today on a Collapse in the CPCI

The total put-call ratio collapsed on a collapse in the CPCI (the equities put-call ratio was up today).

I’ve never found the CPC, CPCI or CPCE to be as strong as the SPY put-call ratio as indicators during opex week–except when one of them puts in a major surge or collapse like this one. Then I’ve seen them overrule the SPY put-call ratio.

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