Total Put/Call Ratio Sell Signal

Arthur Hill, a frequent guest technical columnist on CBS Marketwatch, has noted in the past that that when the 10sma of the $CPC, the total put/call ratio, rises from below to above 0.90 it is a market sell signal. That signal triggered today. The market may not follow through to the downside but it would be prudent to let the $CPC rise to a higher level and turn down before jumping in on the long side. Ideally, we would like to see, per Mr. Hill's recommendations, the 10sma of the $CPC move above 1.20 and turn down. We will see what happens over the next week or so.