Put/Call Ratio Hooked Up Today

Please excuse my perpetual skepticism, as I continue to look for a fly in the ointment during this delirious stock market condition.

Today CBOE Equity Put/Call Ratio hooked up after hitting the lowest level since the beginning of 2011. As you can see on the chart below, readings below 0.5 are quite rare, and mostly result in SPX sell-off. One can not predict with certainty the magnitude of the decline, but this is yet another indicator which is flashing a warning.

click on chart to enlarge