It's also interesting on the SPX when you look at the option chain for August: <A HREF="http://finance.yahoo.com/q/os?s=^SPX&m=2004-08-20" target="_blank">http://finance.yahoo.com/q/os?s=^SPX&m=2004-08-20</A> Lots of call buying from 1100 SPX on up today. Puts dominate from 1125 on down.