CPCE Put/Call Ratio Daily Chart Signals Near-Term Market Top At Hand

The rampant complacency and fearlessness continues in the stock market. The VIX sports and 11-handle yesterday. The CPCE is down to 0.50 not having corrected higher for 2-1/2 months. It is comical although disturbing at the same time. The CPCE has not printed above 0.75 and typically 0.80 and higher is needed to identify a tradeable bottom.

Traders are drunk off Fed wine. Investors smoke ECB crack and inject BOE heroin then buy stocks with reckless abandon. What a glorious party and trip for the world's elite class that own large stock portfolios. There is no fear in markets. The ECB policy meeting is tomorrow and Draghi will likely provide more dovish talk.

It is very odd behavior for stocks to not pull back after the numerous low put/call readings. Since it is such a strange event, you wonder if there is a pent-up force that will want to flush stocks strongly lower, or, if it will be a milk toast move lower. Nonetheless, the low put/call indicates that a stock market near-term top is at hand at anytime probably before the weekend, perhaps today. 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.

Note Added Saturday, 9/10/16: The top occurs on Wednesday, 9/7/16. On Friday, 9/9/16, stocks collapse. The SPX falls -2.5% to 2127. Traders are spanked due to their complacency. The top occurs before the weekend as forecasted above.