Yes, the CBOE dropped back under .5, but it was expiry day, a lot of call in the money may have been closed, the ISEE , if I understand correctly counts only new open long positions in options (sans MM's and WS firms). Even that one gives often false readings on its like a close to 100 reading on 9/15, still a good month before the local bottom, or a reading of 242 on 10/24 a solid 100 Naz points below. The last excursion above 200 (and it did not close there) occurred with other sentiment indicators also signalling warning, but that resulted in only a 20 Naz point decline, and Frida, I took that bear suit off. I think this run will require a lot of extreme optimism to be halted.
