Sentiment stretched

I like to track the equity only put call ratio to determine how bullish the market is on individual stocks relative to the moves in the S&P 500.

Of course the put call ratios have their weaknesses.  We don't know if the options were sold, bought, opened, closed and we surely do not know the reasoning for such moves.  What we do know is when greed takes over, most people tend to press the buy button.

Clearly we're at a level that has produced short term price highs the last three times it's fired a signal.

While we have this hint, maybe we're just late enough in the bull market that sentiment will continue to stretch out.  Also, you don't want to get out of the market unless the setups dry up and your stops are hit because a ton of crazy moves happen in late stage bull markets.

Trade 'em well!