you also must subtract the 72 K or so calls...by the way, going directly to the options volume (rather than CBOE) the QQQ numbers are much higher (just the August period is 383 K puts and 165 K calls, if you add the September, you get another 90 K calls and 155k puts contracts. It may be time for some outfit to consolidate all puts and call activities, not just the CBOE. If yo are right and a lot of these are Mosis, and I think you are, then the virgin EPC might be much higher than 1. Got to stick to historical value, and a CBOE virgin EPC of .87 is quite high as well.
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