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So we got our oversold rally a day early, but right at the exact levels from which everyone said it would come. Now we need to watch the upside to see if it will have the same failures that last week's rally had. I suspect it will, but for now we're still oversold.

In conjunction with that oversold reading, we had yet another oddity in terms of the put/call ratio. Back in May, I noted how, even on up days, the put/call ratio climbed. As a general reminder, when the market rallies, folks ought to be feeling bullish and therefore we should see the put/call ratio sink as more calls than puts are traded. The opposite is true on down days: We should see this ratio rise as more puts are traded than calls.

Back in May, we had many up days with high put/call readings. In terms of sentiment, that tells us that folks were fighting the rally. Well, for the past four weeks, the put/call ratio has been falling on most days.

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