the put/call ratio was the highest it has been since Nov. 19, 20

zt

That was quite some time ago (18 months to the day) but what many will recall is how that led to a very fast 20% rally in the market.
Before you fly out and bet the ranch, let me give you the proper sequence. On Nov. 19, 2008, we closed just over 800 on the S&P 500. On Nov. 20, we were down almost 50 points on the S&P by the close. On Nov. 21, we opened sort of flat, went down a bit more and then closed up about 50 points on the day. Within five days we were at 900. That was a 20% rally. But keep in mind we fell 6% first.

I am not saying today\'s market is similar to then; I am simply reminding folks that while it led to a rally of major proportions, it did so two trading days later, not the next day.