Equity Put/Call Ratio - Trend change

Unlike the sleepy VIX, the CPCE has long since signaled a change in the broad market's character.  From 19 weeks ago in NFTRH121 comes this chart we began using as a way to start the countdown to the end of the cyclical bull market.

To be clear, I did not - and do not now necessarily - think that the spiky change here (to up trending) must be signaling an imminent end to the bull.  In fact, if CPCE had done the same as it did in the run up to the end of the last cycle, it would have taken the better part of 2 years for the market to crack.  Still, there was and is no guarantee that today's inflated market will take so long to unravel as it did back then. 

In summary, CPCE has ground out a trend change and thus the markets are on notice for change of the bearish kind.

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