20-day equity put:call average at lowest level since at least 2003.

Pej at realitylenses.blogspot.com dug up the raw data and put together this chart of the 20-day average:

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The running average of the equity put:call ratio is extremely predictive of near-term market moves. It is mean reverting, and deep dips like this indicate a high degree of bullish complacency among options traders.

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