DJIA Bullish Index reaches 97%

The DJ Industrial percent bullish index has reached 97% (or so) according to StockCharts.com. Bullishness was extreme, but now, it's reached delusional and historical levels. Look for yourself:

Furthermore, if you look at the equity call put ratio on the Dow, you will notice that it's reached probably one of the lower levels in the past several years. Worse: it's at 2 standard deviations from its historical average. Here's the chart from indexindicators.com:

These are very powerful contrarian indicators, leading to believe that not only the correction is very close, but that it's going to be very painful. I wouldn't be surprised to see the current bear market rally top at these levels... but then, it's just another time the bear would be calling for a top...

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