Buywrite Index as an indicator, FF, ACT

Surely, if you look hard enough you can find an indicator that says bearish.

This oldie but goodie ratio chart sure looks bearish.  I use the buywrite index on the NDX in my chart, although they have buywrite indices for many indices.

The term buy-write is used because the investor buys stocks and writes call options against the stock position. The writing of the call option provides extra income for an investor who is willing to forego some upside potential.
The BXM Index is designed to show the hypothetical performance of a strategy in which an investor buys a portfolio of the S&P 500 stocks, and also sells (or writes) covered call options on the S&P 500 Index.

Asset Class Total seems to imply that end of QE 2 is already baked in