The equity P/C ratio (even when corrected for QQQ calls) has not gone under .5 in this run markedly, an extreme would be around .45 or so without correction and under .4 with. Today, which was a mild downturn brought the equity P/C to .80, the same level it reached lats week when we hit 1842, not extremely bearish. With correction, it was .62. Today QQQ put buying trounced calls by more than a factor of 3...Unfortunately, I cannot find a trace of those QQQ puts in the actual volume of the QQQ options on Uahoo. Maybe someone has access to a better option report. I would have thought that at least 100,000 of the 132,000 QQQ puts contracts where deep out of the money leap type insurance policies, but I cannot find a trace of such.
