Put to Call ratio hits new low (UPDATE)

The Put to Call ratio this morning within the first half hour hit a new low of 0.47. This is after closing last night at 0.65. This new low is to me a definitive sell signal and is the lowest I have seen in the past 3 years or longer. Traders beware. There is too much optimism out there and when everyone is going in the same direction, there is bound to be a major reversal as there most likely are no more buyers other than Ben.

UPDATE: 8:20am PST
Traders, noticing the same thing started buying Puts because at 7:30am PST the Put to Call ratio climbed to 1.09 and at 8:00am was at 1.06 and it is obvious others are looking to go short on this market too.

UPDATE: 11:45am PST
The Put to Call ratio has continued to stay above 1.00 since my earlier update. Currently at 1.00 after spiking to 1.13 earlier. The Dow hit a new 52 week high today as well.