I basically disagree. The CBOE site has all the open interest by strike price and I see way more calls than puts open for expiration this week.
Call owners have no reason to hedge by buying stock and call writers can hedge their risk much easier by shorting the underlying issues. Put owners could be buying the underlying issues to hedge their put exposure, but that should logically be a smaller force than call writers because there are fewer puts open for this month. Put sellers are just as happy as call owners, so they don't need to hedge either.
I think that's everyone involved.<g> The ones with the most incentive to hedge are the call writers and if they were delta hedging, we'd be going down. I don't think I'm wrong, but if someone can explain it better, I'd love to hear about it b/c this months open interest is a reverse image of last month's and last month the story was that delta hedging took us above Max Pain during op ex. I don't see how both scenarios can be explained with the same reasoning.
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