Still Looking to Buy

I still think the market is ready to rally for a few days. Looking at the put/call ratio, I think there were too many bulls agreeing that it was time to buy yesterday since the ratio spiked big time and closed that way:

These bulls will be shaken out today and the path will be clear for a rally. Luckily, I did not join the bullish crowd yesterday as the market seemed too expensive above 1191.

But I am ready to go long today. Depending on where the market opens, I will either buy earlier (after an initial sell off) or after the lunch. A level that looks good is 1186 ES, just under the overnight low (until now, at least).