The put/call ratios are lining up for a top with two caveats. The first is that they still can go higher through the end of the week as I explained in a post yesterday. The second is that the overall CBOE put/call ratio is not in extreme territory. This is strange as I have found that the overall CBOE put/call reading and the equity only generally line up. As you can see in the chart below the last 2 times we saw extreme readings on the equity only the overall reading was also extreme.
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