The Equity Put/Call ratio is telling you that Greed is far more then Fear at the moment.
"http://www.cboe.com/data/mktstat.aspx#E
The Equity Put/Call ratio is at .39.
With 2.5 Million call options bought vs 984K Puts.
The Index Put/Call is pretty much at parity.
The Total P/C Ratio at .59, this is definitely in frothy territory.
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