aj, I have been using the equity P/C ratio for a long time as one of many indicators, there are lawys corrections needed, the only one I use are excessive large out of the money leap puts on the QQQ which I view as indices options,m, not equity. Sure, from time to time the numbers can be skewed, but as long as they are used consistently and in the same framework, these are valuable.
Zeev
Market Data 
Markets 
AI
