The put buying today strengthens my belief that the crowd will need to turn bullish before this rally is over. What reason is there to turn bullish? I don't know but the crowd always finds a reason to be bullish once the market is already higher. I remember hearing a few weeks ago when the market was 15% higher about "liquidity", recovery and how bank accounts earn nothing. I'm sure they will come up with something.
Too many people are too well protected as put buying in the past few weeks has been off the charts. It is difficult for me to see much downside before option expiration next Friday. Have a good night.