($SPX, $SPY) If the S&P gets up into the 1235-to-1250 area and the index put-call ratio slips under 100%, I will become very cautious. The best thing the market can do now is to pull back toward the 1180-to-1185 area so sentiment doesn’t get too giddy. The last thing you want if you’re bullish is to see the rally embraced too quickly.-H.Meisler