![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYYctOGbi54ZxQcI7sCF2SZ8l7vFe55exjPdcQS4gi3kf4CsANmRbHVu1yVOs3YlZwxGo1RBPqzhOJuDXwuqPlIwHVy4SbMbhc28tAJOPbin1mM02AI_fY3p53rDgv9ZzPxevh/s400/PutCall111309.gif)
As we can see, the CBOE equity put/call ratio has done a pretty good job lately of catching market highs and lows, acting as a contrarian indicator. Although the ratio has come down with the November rally, we have not seen the low put/call levels that marked relative tops in September and October. At present, we're standing right about at the three-month median point in the put/call ratio, with sentiment not showing any extremes.
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