thanks mish, an excellent post...frankly i am very surprised that not ONE but TWO key sentiment charts on vto are becoming unreliable... first, equity and total p/c ratio has been adversely affected by monster qqq leap put positions: http://vtoreport.com/sentiment/putcall.htm this is best seen here: http://www.schaeffersresearch.com/streetools/cboe_eqpcr.asp which shows that cboe equity p/c ratio 21dma peaked around 2/24/03, a long time before the 3/12/03 bottom...
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