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Big bets

Jason Goepfert
2020-12-23

The options market has been seeing speculative extremes for weeks on end, and it's not showing any signs of ebbing yet. Tuesday's Total Put/Call Ratio ranked among the lowest in 15 years, which the Backtest Engine shows has led to a negative return on some time frame every time, usually within the first month.

It was less consistent with the Equity-only ratio, but it was still tough for stocks to show large, sustained gains after readings like Tuesday's.

In recent months, we can see how rallies petered out once the ratio got this low.

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