I agree completely - this market has never even smelled capitulation, much less had any. Just one of the reasons this is nothing more than a bear market rally, in my opinion, and I expect the bear to return with a vengeance at some point.
With the imbalance between Bulls and Bears, who are all these people buying puts at such a rabid pace. The P/C now is .82. Not a figure that suggests an overwhelming amount of bulls.
Paul: That goes without saying. But just for fun, I suggest folks look at what happened after the last few times we had such an exuberant snapshot of this measure. Again, see January 10, 2002 and February 22, 2001 and March 22, 2000. Maybe Zeev was even advising to "run for the hills" at those junctures?
Market Data 
Markets 
AI
