### Comment:
You use the total equity put call ratio. And you use all the exchanges, not just one. Using one exchange like the CBOE spx is like looking at an ugly girl besides ten hot girls and then saying all girls are ugly

### REPLY:
Right. The calls on equity then offset the difference because index and index fund p/c ratios, since those are almost always above 1.0. Quoting as highly bearish because it’s above 1.0 is silly.

### END.