The SPXU/UPRO etf ratio is showing much the same sentiment, where after warning of a likely decline in late Dec, is now indicating a significant rally is likely.
I am introducing a new etf indicator for bonds using the TBT/TLT as short/long synthetic put/call ratio. Since there is no price index for bonds, I am using the TNX, 10-year yield measure, just remember that bond prices increase as yields go down. Starting in Jan of 2014, bearish sentiment was very bearish for bonds and over the next 14 months rates dropped from 3% down to 1.6%. Now sentiment is almost the exact opposite of Jan 2014 (extremely low), having fallen sharply following the Aug 2015 stock decline and more so recently. Could this be the setup for Martin Armstrong's big bang when investors flee bonds and move into stocks? It looks like bonds should top soon with 10-year rates possibly reaching 3% by the EOY.
Finally, the gold miners sentiment measure using DUST/NUGT etfs. Here, we see a very sharp drop in bearish sentiment similar to bonds as investors seem to be fleeing to safety havens.