Since we hit the "bottom", we've had 5 up trends for an average of 8 days each. We've had 4 downtrends for an average of 3 days each. We are currently on day 11 of the current uptrend. We are due a downtrend but it is very likely that there will not be enough downward momentum to carry us past a few days of downside.
If we continue on in this pattern it will be a VIX killing Theta churn.
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Put/Call ratio on SPY topped out at 1.20 for the last 3 downtrends. May be worth keeping an eye on PCC if we get a couple of down days.