SPDR S&P 500 (SPY)

[NathanH]

http://www.cboe.com/micro/skew/documents/SKEWFAQ.pdf

Past history provides further guidance. From January 1990 to November 2010, SKEW
reached an all time low of 101.09 on March 21, 1991. This was close to the end of
the recession that started in July 1990. SKEW reached its all time high of 146.88 on
October 16, 1998 in the midst of the Russian crisis, and the day after a surprise
decision by the Federal Reserve Board to decrease both the target federal fund rate
and the discount rate. The value of SKEW was also high in June 1990, immediately
before the July 1990 recession, and in March 2006, a period of heightened concern
about a possible bursting of the housing market bubble.