when put/call dropped below 0.6 or close to 0.55, mkt usually began to selloff. the weakest sector in june 2009 was commodity(oil, fertilizer, steel, housing, ure..), strongest sector was tech/biotech/chinese stocks such as stec aapl bidu..same as 2003
![](http://www.market-harmonics.com/images/tech/sentiment/equity.gif)