Where Are The Call Buyers?

Over the weekend I mentioned how the ISE Sentiment Index hit a new low last week. Well this morning it opened up at a new all-time low of 36! That is an amazingly low number, and would correspond to a normal put/call ratio of 2.78.

It has bounced slightly since the open, but is still at a yearly low of 66. I guess no one thinks the market can go higher, so why buy call options. After all, who needs upside insurance?
'