A Little Fear

Despite the flat indices, there is a bit of fear noticeable in the equity put call ratios, which are high for the 2nd consecutive day.  It is usually a positive to see higher put volumes in a flat tape.  I expect the market to oscillate for the rest of the day. The Dubai fears, although downplayed, still have some traders nervous, and that's usually enough to put in at least a very short term bottom.  Strength in crude oil and the return of dollar weakness means risk is being put back on.  I expect the next 20 points to be higher.  But I am not playing the long side because I expect the move to be the last hurrah for the bulls, and a risky play.