Going into OPEX last week options traders had been favoring puts over calls at the widest margin since the bear market bottom in March 2009. During the volatility of OPEX, the CBOE equity-only put/call ratio spiked even higher than the previous week. As I mentioned in my past notes, I typically don't give much weight to sentiment surveys in the conventional sense because traders vote with their wallets and not their mouths. The put/call ratio can offer more practical insight into which posture they are actually carrying.
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Options Market Recalls 2004
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