Then you're friends with me .... and in this case, the P stands for "Puts".
Interesting observation on the CPC. It was super bullish during the height of the rally in July - Sept. Okay, that was obvious and not interesting. But look at the chart:
After the pullback in Sept, and then the next rally in October, the CPC does not return to its former level of bullishness.
It is kind of hard to see on this chart, so please permit me a very *ungraceful* zoom-in (a la Stockcharts)
Just another interesting divergence. Options investors are starting to become "Friends of P(uts)" again.
Yet another weakening indicator in the bullish case.