As mention in a recent NH_NL report, the Index Put/Call ratio is below 1 again. This recently has led to a large down day within 1 - 3 days. If this indicator continues to lead, than one should expect a 250+ point down day in the DOW the next couple days. (See chart) The last time we saw the PC ratio below 1, it remained there for four days. This was very rare. We have dropped for three days and now we find ourselves right back below 1 again on the PC. This indicates many players are attempting to pick a bottom here.