CBOE Put/Call Ratio

This fear/complacency indicator goes along with the VIX chart posted on the COW this morning. All I am saying is that the bulls' emotions are coming along quite nicely toward a contented state. Did they really find their HOPED FOR bottom with the recent Bear Sterns bailout compliments you and me (if you're from the USA)? We will find out shortly. But I have difficulty believing the story until/unless recent trends in the $VIX & $CPC are busted. As for the PCR, the 20 day ema is approaching the moment of truth. Edit (8:58) I neglected to note on that if the PCR breaks down, the target for the 20 day ema would be around .90, and this would likely entail a significant continued stock rally. Also, the VIX would obviously be broken down out of the ascending tri as well.