I have to much time on my hands part 24:

Was doing some research and found some pretty interesting data relating to the CBOE Call Put Ratio.

1. Total Exchange C/P ratio: [https://imgur.com/a/K70sO2d](https://imgur.com/a/K70sO2d)
2. VIX C/P ratio: [https://imgur.com/a/xdAT3VN](https://imgur.com/a/xdAT3VN)
3. SPX C/P ratio: [https://imgur.com/a/6qjvanZ](https://imgur.com/a/6qjvanZ)

Black lines are 200 period moving average and red is 50. Looking at the data and some interesting things came up.

1. There is a massive amount of volume on VIX contracts in the past month. While it is not at the all time high we saw summer 2015 before the flash crash, the separation between the 50 period and 200 period moving averages is incredible. Obviously I don't know the expirations on these contracts, but period of massive separation like this tend to precede volatile times, i.e. August 2015, February 2016.
2. Despite this, there is a pretty large separation between the 50 period and 200 period moving average on both total exchange and equity C/P. This kind of separation, as one might imagine, tends to precede downturns as retail loves to buy high sell low, see February 2018 and 2016 for this.
3. Something I find incredibly interesting, is that the 50 period moving average on the SPX C/P ratio is below the 200 period moving average. In my opinion, this shows big money is getting less bullish and is starting to look at going short. Not and immediate alarm bell but something to keep in mind.

None of those warrants front month SPY 240 puts, but I think it is definitely something to keep in mind. Especially the VIX C/P, this separation between the moving average is pretty ominous, but does tend to lead by several weeks or even a month or two.