Extreme Call Activity

I usually don't put too much into put call ratios unless they are extreme and/or persistently high or low.  Well today is a day of extremely low put call ratios.  On the CBOE, its 0.47 and on the ISE, its at 0.38!  That is an extreme level of call activity that I rarely see.  There is a lot of optimism ahead of the INTC report.

P.S. - Dax and the European indices are lagging the SPX, joining China in the lagging category.  As SPX traded near YTD highs today, Dax was trading nearly 2% below its YTD high.  One by one, the indices are breaking down.  Nasdaq has lagged so far this year as well.  The last one remaining is the SPX.