Zeev's Turnips Patch-No Politics (ZEEV)

[mish]

Interesting OI
SEPT OI

INTC
60K sept 27.5 calls 7K puts
73K sept 25.0 calls 31K puts

MSFT
10K sept 30.0 calls 2K puts
73K sept 27.5 calls 19K puts
23K sept 25.0 calls 44K puts

CSCO
26K sept 22.5 calls 0K puts
65K sept 20.0 calls 15K puts
32k sept 17.5 calls 55K puts

AMAT
21K sept 20.0 Calls 7K puts
06K sept 19.0 Calls 12K puts

C (speaking of weakness in financials)
27K sept 47.5 calls 2K puts
40K sept 45.0 calls 33K puts
32K sept 42.5 calls 25K puts
31K sept 40.0 calls 19K puts

IBM
28K sept 85.0 calls 5K puts
06K sept 80.0 calls 17K puts

JPM
20K sept 37.5 calls 4K puts
32K sept 35.0 calls 19K puts
13K sept 32.5 calls 60K puts

QCOM
17K sept 40.0 calls 5K puts
18K sept 37.5 calls 7K puts

QQQ
72K sept 34.0 calls 17K puts
110K sept 33.0 calls 66K puts
188K sept 32.0 calls 180K puts
128K sept 31.0 calls 260K puts
88K sept 30.0 calls 138K puts

If it was not for the too bearish QQQ it would look like a slam dunk DOWNTOWN

OI in OCT and NOV is very light however.
INTC seems incredibly frothy in particular
I believe QQQ dwarfs the rest of the action.
Still a fall below 31 and a rally back to 31 by OE could be in the cards.

Too many puts IMO for a SERIOUS decline here, but if wrong delta hedging will sink this like a rock in water. For the first time in a long time however, OI looks down. Things can change however, but C and INTC look like suspects.

Zeev - your thoughts?
Look at C and INTC and AMAT

M