I consider both "smart money" indicators, generally. The OEX P/C isn't the indicator that it once was. Not by a long shot, but still, I pay attention to big jumps in it. Last night, this went out at 4.19, which is, to my eye, a Sell signal. The VIX P/C has to be viewed as "smart money" too. I can't imagine many amateurs knowing about or wanting to trade it. This fell pretty hard below 0.5 too. That's also a Bearish sign. It's only good for a day, but there you have it.