Zeev, Noticed on the CBOE website they are giving more break downs on the Put/Call rations such as on the DOW and S&P. <A HREF="http://www.cboe.com/MktData/default.asp" target="_new">http://www.cboe.com/MktData/default.asp</A> Look how the DOW and the S&P 100 and 500 have almost twice as many puts than calls, and is this more telling than the equity Put to Call ratio that I believe you use? Hank