Zeev's Turnips Patch-No Politics (ZEEV)

[Ilya]

The equity put/call ratio as reported by the Chicago Board Options Exchange closed at a remarkable 0.38, one of the lowest readings in years. That typically would be a sign of excessive speculation on the part of traders, and potentially bearish for the market in general, but on further examination we see that drug company IVAX accounted for a whopping 38% of all call volume. Without that company's options, the put/call ratio would have been a much more normal 0.61, so I don't think anything should be read into Tuesday's low reading.

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