On the Put to Call Ratio it's actually the turn in direction that advises caution to either longs or shorts. The 10 day sma on the $CPC has fallen recently to .85 which while relatively low means little unless the $CPC begins to move higher. Back in 2000 .05 was too low. Now .75 has served as a definite line in the sand and a market turning number but these numbers and charts are always evolving with changes in the market. Evolving in such a way that what happened last time only tells us when there is more risk or less risk in going either long or short. RtS
On a longer term chart a 60 day sma of the $CPC shows just how much the prevailing trend of buying put potential has changed throughout the Bear market we have been in since March of 2000: