Meisler: Newfound Bearishness Has Merit

This story was originally published on RealMoney at 6:58 a.m. EDT on Wednesday, June 24. For a free trial subscription, click here.

Will the Federal Reserve's decision Wednesday on interest rates bring us fireworks or more dullsville? Because Tuesday was surely dull. The bulls will say never short a dull market. The bears will say Tuesday was a consolidation day off the decline.

I will say what I have been saying: I still think there will be a rally at the end of the quarter based on the upcoming oversold condition as well as the high put/call ratio. The end-of-day reading for the total put/call ratio on Tuesday was 100%. That is the second reading we've seen in triple digits for this indicator in a week. Folks haven't been this bearish since before the lows in March. ...