Long term put/call ratio shows bullishness is more extreme that you might think

I was really curious to know just how low the CBOE equity put/call ratio has fallen. Since all the free web sites out there only showed me 3 years worth of history, I decided to go download the data myself directly from the CBOE and build the charts in order to find out.

My find is quite stunning: the P/C Ratio is now at the lowest level since late 2003, so it's at a 6 to 7 year low (and only because data prior to that is not available!).

So, as unbelievable is might seem, this mesure of bullishness in the market indicate that people are more bullish that at the top of the housing bubble, and at the top of the stock market in 2007...

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