SPDR S&P 500 (SPY)

[risk on]

Now, I do agree that large call buying in any security could suggest a move, same an be said for puts, but we also need to take the counter point, and that is; what about the people selling / writing all those contracts for those lanes. They too are indicators, indicators that counter the buyers. Clearly the buyers of those contracts were right today. Just want to make sure we look at the whole equation, not just one part. People sell when they think there is no more upside to off set their risk tolerance to hold, people write contracts when they suspect they will expire worthless, or the writers feel they can close the contract for cheaper than issuance price, that is the unspoken but equal counterpart to any option lane, just sayin. But, you did call it right.