Near term bottom?

Atleast that's what the CBOE options equity put/call ratio seems to be telling us. See the last few times when it spiked. Well, it's doing to same right now. So generally, the tendency of market players is to buy equity calls and then hedge using index puts (see, they think they are smarter than the general market so their picks will do better). But when things get inverted, which happens quite rarely, it shows there is an inordinate amount of pessimism out there.