Getting Out of the Way of a Bounce

The market has fallen like a rock (-4.5%) since last week when everyone got caught the wrong way going into the Fed announcement.

The equity put/call ratio has become elevated, currently 0.76 intraday and about the same level yesterday. This is close to 1 SD above the mean.

It pays to be less bearish and to watch out for a bounce when the market has fallen and sentiment has become negative.