1/10 A strong bearish argument is the put to call ratio. It is stupidly low. In the past, when it has been this low, it has not stayed this low for long.

2/10 To actually have a reversion from this point would require an enormous correction, even an outright bear market at this point.

3/10 I have previously thought that argument to be watertight, irrefutable: because the P/C ratio is so low, we *cannot* and *won't* go much higher.

4/10 But, in an effort to be open to further upside, here is a counterargument: we may be comparing apples to oranges.

5/10 "In the past," when the P/C ratio was low, it reverted. *But*: in the past, options were not employed by retail as they are today. They cost more and were considered too sophisticated by many.

6/10 Today, they are virtually free on some platforms and actually free on at least one. And they are understood to be comprehensible and are obviously being employed by many.

7/10 In, say, the late 90s the retail interest in the markets was through the use of shares. Call buying has replaced much of that share buying.

8/10 In order to have a meaningful P/C ratio comparison between now and then, we would need to know how many calls *those* folks *would* have bought, were calls cheap and comprehensible.

9/10 We cannot know that. Thus, for all we know, the P/C ratio is *high* by the late 90s standards.

10/10 And so for all we know, it can still go a lot lower (and the markets can still go a lot higher) before it reverts.