xjo survival guide to 2012 wednesday, page-79

Back at the August low I suggested the best bearish outcome would be for CB Put/call to rally to over 50 while price was just ranging.

Any move down before that was likely to be non sustainable.

We aren't over 50 yet but getting there.

Yep, I recognise it can either be a bear market overbought OR part of a new bull.

So far the fact that price has made little advance suggests the former.