Lots of Index Hedging

The equity put call ratios are low and the index put call ratios are high.  This usually isn't a good short term sign.  Based on the intraday action, the market wants to take a rest but not pullback much.  I still doubt that we'll pull back below 1250-1255 level this month.  However, I think the upside for the month is limited because sentiment is so bullish.  I'm going to play this market as if it in a tight range, with an upward bias.  So not really much to do.  Just waiting for a fatter pitch to swing at.