Friday saw some extreme readings in sentiment, which brings the question is there enough fear out there to form a major low?
For starters, the CBOE options equity put/call ratio spiked clear up to 1.04 on Friday. As I discussed here, this is the highest level in three years and 19th highest reading since 2003. Remember, when everyone is trading bearish puts that could be a sign of extreme fear in the options market. From a contrarian point of view, that could be a bullish sign.
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