Here's the $-worth of the puts and calls from the open interest data (April options in billions)...
% e_calls e_puts
-5 2.27 6.13
-4 2.55 5.54
-3 2.87 5.03
-2 3.23 4.59
-1 3.64 4.21
0 4.12 3.89
1 4.66 3.62
2 5.26 3.37
3 5.91 3.16
4 6.64 2.97
5 7.43 2.80
I showed a few days ago that the situation was extremely different at the lows, we had a clear 4% upside potential from the options at least...
Now the market is up by 3 back to back 2-3% rallies within 2 weeks. It is hard to expect much more without a consolidation, but I don't see much downside, that's the problem. So, it can correct by slowly drifting up since there is always shorting into such action and then blow off...
Edited by arbman, 04 April 2008 - 12:58 AM.