Last week I pointed out how the Investors Intelligence Report had hardly moved in spite of the recent selloff in stocks.

Last Wednesday’s Investors Intelligence Report report showed that the bullish percentage (52.2 percent) stayed the same while the bearish percentage ticked up slightly from 21.1 percent to 22.3 percent. The difference between the two percentages is still at 50 percent if you round up.

Two other sentiment indicators are telling a different story from the Investors Intelligence report.

The CBOE Equity Put/Call Ratio has been climbing sharply of late and the 21-day moving average for the ratio is now at 0.64, the highest reading since last August.

This tells us that options traders are turning cautious despite the newsletter publishers remaining optimistic.

The other indicator where we have seen a dramatic change is in the Rydex Nova/Ursa ratio.

The first time I wrote about the ratio back in January, the ratio had peaked at 0.713.

When I wrote about the ratio earlier this month, I pointed out how the peaks in the ratio were experiencing a trend of lower highs. The ratio came in at 0.497 last Friday. This is the lowest reading on the ratio since late November and that was when the ratio was climbing.

The last time it dropped below 50 from higher levels was last April when the market was at the beginning of the two and a half month pullback.

I should point out that the Investors Intelligence report was one of the last indicators to decline last April, so the newsletter publishers were the last to change their views.