CPC Put/Call Ratio Daily Chart

The CPC drops to 0.72 yesterday verifying the ongoing market complacency. Market bulls are smoking cigars with their feet up on the desk without fear or worry of any market selling. Complacency identifies market tops and fear and panic identifies market bottoms. The red circles are recent tops resulting in the following pull backs in the SPX; 60 handles, 55, 40 and 20. This is an average drop of 44 SPX points over 2 to 5 days time so this would be the expectation say beginning now, today, or Monday. The central banker cheer leading talk out of Jackson Hole Wyoming may provide some market joy today, in fact, many traders fully expect Fed Chair Yellen to flap dovish wings and send the SPX above 2000. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.