Undoubtedly, and it's a good day to take profits. I'm saying two things:
1. We're overbought short-term 2. That P/C ratio is relatively, no, completely, meaningless. It's a one-day ratio ahead of a three day weekend with significant event risk following a major run-up. Only a fool wouldn't be buying some insurance for profits or take profits, unless they had an investment timeframe long enough to outweigh any short-term event risk.
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