Zeev, why do you use index option puts = 285,000 when QQQ puts were = 295,892. Also how do you know most of the Dia and QQQ were out of the money? Which is correct? 1. 512k- 285k +70k/541=.29epc ratio 2. 512- 296 +70/541 = .26 ratio 3 .44 I cant figure how you got .44? thanks,