Something's got to give

Yeah that's cliche.  Something does have to give though.  Market sentiment is something else. 

All of a sudden the equity only put call ratio is at 3 year highs.  The last time this occurred was the infamous Obama re-election low.  So are we on the verge of an important bottom?

Well, this is happening while the VIX loiters under 14.

Moving onto the VIX term structure we see a distinct lack of fear.  

So what gives?  Obviously the market is deteriorating.  People see that so they're placing bets like they did in 2011.  The weird thing is not a lot of market participants are fearful.  That leads us to believe that it's smart money buying puts in size betting on a further decline.

Trade 'em well!   We've got to take advantage of great trading markets like these!