It pays from time to time to check the fear barometers as VIX is not anymore reliable. http://www.cboe.com/data/PutCallRatio.aspx Check it out. Have fun. GT+GT
Miles ahead of you. http://www.elitetrader.com/vb/showthread.php?threadid=222103 It also has nothing to do with the VIX being "reliable" (whatever that means). The fact the VIX is not going up just means that even though a lot of people are frantically buying put options, there are quite a few market participants who are pretty enthusiastic about offering options/premium shorts which is why prices of put options are not increasing regardless of pretty heavy demand. This decline really has all the makings of a proper sideways shakeout of the weak hands and those can and tend to last for quite some time. Of course the ones who bought put insurance aren't going to sell their securities so the shakeout should be in a reasonably late phase now. Intraday P/C also suggests pretty maximum bearishness at this time, so I do expect the final figure to break down even more than it already has.
"CBOE Volume and Put/Call Ratio data is provided for informational purposes only" Nowhere does it say that it is a reliable barometer.
Wait, you only look at indicators which say "GUARANTEED PREDICTIVE POWER!!!" on the box? All right, to each his own.