Here we are at SP 1270 and 7% off the highs. Who are buying all these equity puts? the PCR is through the roof here. Several sentiment gauges are pointing to a high probability gain about 6 months out. If that's the case, then that would mean we are around the lows for the entire year. Sure doesn't feel like it. But it never does at the low. Will revisit this post at the end of the year!