STOLEN STUFF--VS - as eichler points out, the margin deamon still has to make the phone wires glow hot red.
Still: equities PCR are at levels not seen before (speaking of the averages), retails inverstors should be loaded with puts (expiration in 8 sessions), and they won't cash them, as usual.
indexes PCR are bottoming, not turning around yet: professionals should have been loading calls the last days, as you mentionned.
IMHO, real sell-off will only occur with the margin calls. And technical bounce would be fierce to the upside.
Key would be seen in the total offset positions in puts (unfortunately, the open/interest positions are computed through the night) which would be sold first in case of a margin call. Maybe, this could be observed on a sudden day reading of equities PCR far below .375 (but I could be wrong).
IMHO, again, the puts would be offset before unwinding short sales.
BTW, futures are on ETH (Electronic Trading Hours, also called "Globex", but Globex is another thing....) Currently 3185. 5:02 PM
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