i think it's just the way it's designed. Markets go up. Plus Fed pump tonnes of money in etc. It's pretty cool, though. Not everyone knows how easy it is to make money at this game lol. But you basically get 1 day per month or so where the market has a horrid red day that just keeps going down and scares everyone, and you can take a hit on your account for the day if you're on the wrong side of it too early in the day, but you can make it back in a few sessions once the market gets back to normal
You consider put-call ratio a pretty reliable indicator of tops & bottoms? Would make since considering the majority of options traders (namely buyers) lose their ass constantly.
No. That was my point. The put/call ratio everyone points to is not the measure everyone thinks it is. I pointed to the reason why. 1995-2001. to answer the question why the spy only goes 1 way- it’s because money is risk-on. Not one real measure of a risk-off market exists. Anywhere. Markets don’t crack at once. Risk off increases first. Then a few more risk off assets increase, and then a few more. Risk off has been a terrible play since April. And continues to be so. Increasingly.
You'll see it when the stimulus deal has been passed. That's one of those hidden coiled-springs in the market.