The ISEE sentiment # ended today unusually high, 166, and the put/call ratio is at .70. This means the spirit has turned bullish. All of the large cap indexes are overbought especially the S&P100. The small/mid cap indexes are not so overbought, but scraping up against macro trend lines. The large cap variety have broken through the macro trend line. Bullish spirit isnt a good thing two days before a fed meeting in my opinion. I would like the put/call ratio to be higher and the ISEE sentiment # to be lower. I believe that more puts will provide the market with more insurance. There doesnt seem to be any pensiveness or guarded worried behavior before the fed meeting. This is a big negative in my mind. Id like to see a more guarded attitude coming into this fed meeting.