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To: Paul Shread who wrote (50653)	8/19/2002 12:21:15 PM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

Yes, in general the index options are considered "smarter" money. I recall a few tops in the last two years where the index option activity was showing heavy put buying while the equity side was not.

To: Paul Shread who wrote (50653)	8/19/2002 12:21:56 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 209892

Paul, are you sure that for almost a year the equity P/C ratio was not below 0.4? Even in Feb / March this year?

To: Paul Shread who wrote (50653)	8/20/2002 12:28:10 AM
From: mishedlo	Read Replies (1) \| Respond to of 209892

I do not buy Index options as being "smart money" Round after round after round of calls was destroyed on the move lower. There were way more calls than puts. They are still buying calls in my estimation except that this time thay are correct. This looks more and more like last October/November to me all the time. Everyone banking on a retest that never comes (until we see zillions of QQQ calls). Looking at OI I see huge numbers of QQQ calls. But we need exhaustion. Not sure if we are there yet. I want every MFer buying calls. The more the merrier. I do not like that huge block of puts at QQQ 24. Remove that and we have a veritable ton of room to fall. Enormous Numbers of calls relative to puts IMO. As long as we keep going up, delta hedging will keep sending us up even more. Until exhaustion sets in. M