Today the OEX put/call ratio (for those unfamiliar, this is a typically smart money gauge as traders buy index puts as hedges, etc) spiked to the highest level I can recall in quite some time. I didn't go back through all the data, but it has been over a year at least since the ratio was at that level. The ratio came in at 2.20. In the past the real big spikes have tended to occur right at significant short to intermediate term peaks in stocks.
This high reading has pushed the 5 day ratio of the OEX P/C average to a higher level than any since the bear market began in Oct 2007. Also, this has caused the spread between the equity (dumb money) put/call ratio and the OEX (smart money) to widen to corresponding levels. While the absolute values of the ratios are not very extreme compared to bull market history, I think they are notable.
Just maintain the open trades as is until further notice.