Nothing really new to our readers, but once again investors decided that Puts is not the asset to own, just before the move lower in SPX occurred.

The Put Call ratio hit another new weekly rather extreme low level just before this sell off started. We saw the similar occur last year just before the February panic move lower. We also saw a similar move in the ratio just before the December implosion started.

Do note that investors bought max amount of puts versus calls just at the Christmas lows.

We can clearly see that investors love puts when SPX is at lows, and hate puts relatively speaking when the SPX is at local highs. Nothing has changed when it comes to the psychology of masses.

Source: charts by Bloomberg