Zeev,
This is something I posted on aj's board last night. There might not be that many QQQ puts to take out. QQQ players have been buying calls during this dump. OI doesn't tell the whole story, but it speaks to the question of new money in the market, right?
Anyway, glad to see you're sticking with your ramp scenario, since I've been one of the folks buying calls here.
Someone is also picking up cheap calls, it seems. Since last Friday, OI for QQQ calls is up 197K contracts while OI for put is up 151K contracts. That's a 3-day PC OI ratio of about .77 vs. the CBOE PC ratio of about .92 over the past 3 days and the S & P 500 PC ratio of 1.14. This is not counting LEAPS, because I'm thinking strictly short-term here.
OK. Who is going to be right the QQQ option players or the S & P option players? They both seem to be looking for different directions here.
It's probably not as 'either/or' as I'm presenting it, but this is an interesting 'real-time' divergence in opinion about where the market is going, it would seem.
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