Sentimentcharts

The chart shows that demand for puts (bearish positions) has dropped sharply relative to calls (bullish positions), so the market is paying relatively less for short-dated downside protection compared to longer-dated protection. In the chart you can see that: 1) the ratio had been higher previously, around 1.25–1.30; 2) it has recently fallen to about 1.15, touching the level marked as the “low” of August 4; 3) this implies that the out-of-the-money/downside put component has become less intense relative to the reference level. From a sentiment perspective, this is consistent with a phase in which market participants are not rushing to buy downside protection.

The index is not total return. If we include the high dividends paid by companies, we are well above the highs.

The dividend?

Compare gold with the S&P 500 total return index. Another story!

Barrons bullish cover, this is contrarian sell signal indicator

Il petrolio sale a 70$ dopo l'aumento dell'Arabia sui prezzi - via @YahooFinance it.finance.yahoo.com/notizie…

Average Equity-only put/call ratios near levels that have marked lows in Spx (chart from McMillan) @ukarlewitz

Msci Europe vs Msci Usa

Equity put/call has been elevated over the past month, SPX has usually moved higher (data from Larry McMillan)