CPC Put/Call Ratio Daily Chart; Rampant Complacency and Bullish Euphoria Not Seen in 2-1/2 Years

The CPC put/call ratio chart drops to 0.66 showing rampant complacency and bullish euphoria for the US stock market not seen in 2-1/2 years. That is when the stock market placed a major top at the end of 2021. Nowadays sure feels like the dotcom bubble, tech and all.

Sell, Mortimer, Sell. What part of that don't you understand? 100% of the bulls believe stocks will go up forever and 100% of the bears believe stocks will go up forever. Are you going to be a bag-holdin' sucka again, or are you going to be the shark in the water? Let It Drop.

For the CPC below 0.80, you want to be selling off your longs and bringing on shorts. When the CPC is above 1.20, that is when you can nibble on long side and start adding to your longs. You buy when all the sucka's are screaming bloody murder with their hair on fire, and you sell when people are fat, dumb and happy bragging about the stock market (like now). 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 Monday Morning, 6/17/24, at 5:19 AM EST: CNBC commentator Mike Santoli says Wall Street is uber bearish on stocks despite the rally and he calls it an unloved stock market. Give us a hit of what you're smokin', that must be some good stuff. Obviously, Mike does not watch the put/call ratios. The chart above says the complete opposite. Traders and investors are off the charts bullish expecting stocks to grow to the sky and NVDA to print earnings gains forever. It is plain to see. Traders know cuts are coming some day forward and they view that as bullish and further goosing the stock market higher. Typically, when a low in the put/call ratio occurs, a stock market top is only a few days away. Markets are closed Wednesday for Juneteenth (a Texas holiday that is now adopted federally to celebrate the end of slavery in the US; slavery actually ended at different times for different states and even within different regions of states but young folks are stupid nowadays and told an alternate form of history; cable news outlets are lying and saying Juneteenth is the day slavery ended in the United States; it is actually the day picked to represent the end of slavery for the US; such is society these days).

Note Added Monday Morning, 6/17/24, at 5:33 AM EST: Citi ups its stock market forecasts from bullish to uber bullish. Goldman Sachs raises its forecasts for stock prices. Bob Doll of Crossmark proclaims that stocks are NOT ridiculously priced. Julian Emanuel at Evercore projects a SPX 6,000 target this year led by tech. Oh my. Whoopie! Wheee! Yeehaw! It appears that the bull party is in full swing with more Fed wine on the way. What could possibly go wrong?

Note Added Tuesday, 6/18/24: Bank of America jumps on the optimistic bandwagon proclaiming that the investment bank is the most bullish in 3 years.

Note Added Thursday, 6/20/24: Bank of America tells CNBC media that a new dotcom bubble is not occurring and NVDA's valuation looks compelling. The wine is flowing like water as traders cannot get enough of NVIDIA.

Note Added Friday, 6/21/24: The optimism and bullish euphoria continues with bankers proclaiming nothing but blue skies, puppy dogs, lollipops and furry bunny rabbits going forward. Analysts outdo each other calling for at least +20% more upside in NVDA. The future's so bright, you gotta wear shades. Timbuck 3.  The SPX tags 5.5K before pulling back to 5473 yesterday as Friday's session begins this morning. Former CNBC commentator Ron Insana tells CNBC to ignore the narrow leadership in the stock market. Insana proclaims that US stocks are in a powerful bull market.