SPDR S&P 500 (SPY)

[imiloa]

fwiw, most folks here agree with exactly that point.
but consider the evidence of the massive 5-wk rally through october.

imo, the rally was clearly manipulated upward.
but that notion didn't help any of our puts increase in value.

nutshell, the market is (imo, intentionally) irrational
as a rigged game to fleece folks who trade based simply on logic.
(with myself being once of those fleeced in october... )