Zeev's Turnips Patch-No Politics (ZEEV)

[pstuartb]

"I think think the high PCR has as much to do with hedging as it does with being bearish."

Joe, my thoughts exactly. I think the high p/c ratio has been giving us false signals lately. We've had very large open interests on qqq a point or two below the ATM strike for a few months running. Unusual hedging activity, imo. Looks like terrorism insurance.