ISEE huge Bearish warning!

ISEE on the close, equities only 348, which is huge, overly optimistic bullish. If this isnt a setup for a sell off.. I dunno. this sentiment indicator measures call/put volume. this is by far the highest reading in since the beginning of the data 1/06. The 10 day moving average is at 249, another 4+ year high. this could preclude a sell off in a matter of days or weeks, but generally within a month.