Investor Sentiment Check

Given the big spike in the market today, after yesterday's nice showing, I would expect to see increased bullishness on the part of investors. Yet we are seeing the opposite.

If you told me the news today, and how much the markets were up, I would have guessed that the CBOE put/call was around 0.85 and that the ISEE was at the equivalent of around 55.

In actuality, the CBOE put/call is currently very high at 1.10, and the ISEE is also very elevated at 0.88.

These are high levels, that often coincide with big down days in the market. On an up day like this, they signify that investors don't believe in this rally, and are buying protection for a pullback. I like that setup, and think it should continue to support this market as it climbs the proverbial 'wall of worry'.