Users: Dimon: 20170101_DumbToSmart.png

Don't you mean a bearish signal? (for equities?) 1/3/17

no, this is bullish signal for equities. When dumb money is in extreme bearish position and smart money is in extreme bullish position this is bullish signal. 1/3/17

I have never heard of anyone believing that the Put/Call ratio (which is all this appears to be) has any correlation to A. "Dumb" vs. "Smart" and B. market movement either way.  
If you over-layed SP 500, could you show ANY significant CIT (Change In Trend) points in the past?  
I note that we are at exactly the same level as August of 2015. Soon thereafter we had very sharp corrections downward.  
Sorry, I just don't see this as valid... 1/8/17

http://stockcharts.com/h-perf/ui?s=!10PCREQU:!10PCROEX&compare=$SPX&id=p39737766587 - with $spx 1/8/17

this is short term signal. I have posted this chart 1 week ago, from that time spx has gone to all time high 1/8/17