That's a pretty dramatic shift. Just based on put/call ratio?? Have a look -- if you subscribe (and I know you do) you would see more than non-subscribers (hint, step the dates back to 1996): <a href='read_msg.asp?message_id=17617156'>#msg-17617156</a> <img src=http://stockcharts.com/c-sc/sc?chart=$ndx,uu[956,190]dbcaynac[d20030301,20090101][c!!!!ffffcc]> <img src=http://stockcharts.com/c-sc/sc?chart=$BPNDX:$CPC,uu[956,740]dblaynaa[d20030301,20090101][pa0!a17!a40!a50!a93!b20!b50!d20,2][iLa13,21,3!Le12,26,9!Le13,21,3!Lp14,3,3!Lb23!Lah13,21,3[c!!!!ffffcc]>