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To: The Freep who wrote (31241)	2/14/2002 8:36:29 PM
From: Shack	Respond to of 209892

Yes the action in the March 37's was huge especially. Note today's open interest in those 33-39 March puts and see if tomorrow it goes up because we can't determine of those are new positions opened today. The O/I is updated in the morning.

To: The Freep who wrote (31241)	2/14/2002 8:57:29 PM
From: bcrafty	Respond to of 209892

Freep, "or is this 'the smart money' buying?" Great question. And how DO you tell? I've always shared your curiosity on that one. Those who favor contrarian indicators might be able to tell us, but if they do I hope they're not too theoretical with their explanation about it. I just want to catch a ride on the smart guy's tail ;~}

To: The Freep who wrote (31241)	2/14/2002 9:16:55 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 209892

<<What do you all (bears in particular) make of the action in the March QQQ options>> My take is that index options are more likely to be the smart money!<G/NG> That's why the equity options are usually more specific indicators. Therefore (as Luc might say), DOWNTOWN, BABY! Got Broke-Aid puts?

To: The Freep who wrote (31241)	2/15/2002 1:02:15 AM
From: velociraptor_	Respond to of 209892

I have mentioned it before, I don't put much weight to the P/C ratios. They are not dollar weighted so we have no idea how much money is actually going into Puts as opposed to calls. The ratio does not reflect where the primary strikes primar are, nor does it tell which expiration month the options were bought for . Also, for all we know a vast majority of those puts may have been bought for hedging purposes to protect gains from the Sept rally, rather than bought as speculative positions. Be wary of trying to compress a complex number into a meaning too simple.