ISE Sentiment Index

http://www.ise.com/WebForm/viewPage.aspx?categoryId=126

The ISE Sentiment Index is a unique put/call value that only uses opening long customer transactions to calculate bullish/bearish market direction. Opening long transactions are thought to best represent market sentiment because investors often buy call and put options to express their actual market view of a particular stock. Market maker and firm trades, which are excluded, are not considered representative of true market sentiment due to their specialized nature. As such, the ISEE calculation method allows for a more accurate measure of true investor sentiment than traditional put/call ratios.

This ISEE index is similar to the CBOE put/call ratio ($CPCE, $CPC in stockcharts.com).

Based on Cobra's backtest: When ISEE index <60, buy at close, sell at the next day since the last 2,000 trading days, the winning rate is 100% (total 6 trades).

http://cobrasmarketview.blogspot.com/2011/09/09282011-market-outlook-lower-low-ahead.html

Today, the ISEE index is 53. Are we going to have a bounce tomorrow? I guess could be. The best case to me tomorrow is gap down, then dip buyer coming to push the index to be green. Currently I have some short position using SPXU from 19. Wish tomorrow the market acts as I wish.