Very quick version today; I missed last week. There are others watching these readings and more. The one thing I tend to focus on is relative areas. For example, daily 10MA of put-call at .92 is not historically very low; for example in January 2014 it was down near .72. But, .92 is relatively low for our recent market environment. Here's the chart.
The blue line is the 10MA. The red line is the recent low in put-call that was made just yesterday on 3/9. So, how many trading days from the start of 2015 have been below this area? Not many. It is hard to count the individual bars on a graph like this, and certainly I don't have time for this sort of detail, but quick eyeball does look like a percentile extreme. I tend to define these as top or bottom 10% depending on how you want to look at it. In this case, we can say that in excess of 90% of all trading days from the start of 2015 had put-call MA higher than here. So, this ranks in top 10% of less fear & more optimism.
Recent ISEE readings on the low side, helping support the market. No edge.
AAII managers at 51 slight drop from last week, really no edge here.
The various AAII individual readings are not at historical extremes at all, but 37% bulls is the highest since 11/7/2015.
Bottom line here 2 relative sentiment bullish extremes, near a timing window 3/9 give or take, and most important several attempts to clear levels and another possible rejection in process. For anyone playing short side it would be better to see VIX confirm though.