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To: MetalTrader who wrote (260073)	9/11/2003 8:05:38 PM
From: KM	Respond to of 436258

Found this on the SentimentTrader website Last week, I mentioned that due to the extremely low equity put/call ratios (minus QQQ options) that we were seeing, we would also likely see an extremely low R.O.B.O. (Retail-Only, Buy to Open) put/call ratio. Recall that the ROBO put/call ratio is constructed using buy-to-open transactions only for trades under 10 contracts. This is as pure a contrary indicator as you?re going to get. This did indeed prove to be the case, as the ROBO p/c ratio came in at 0.47, meaning these smallest of options traders bought more than twice as many calls as puts. Perhaps most telling, however, is the fact that these traders paid an average of only $161 per contract for their puts, but they paid an average of $213 for their calls. This is a 32% ?demand premium? for calls over puts, and is the most egregious spread since the height of the bubble in August/September 2000.

To: MetalTrader who wrote (260073)	9/11/2003 8:19:47 PM
From: KM	Respond to of 436258

Found this on the SentimentTrader website Last week, I mentioned that due to the extremely low equity put/call ratios (minus QQQ options) that we were seeing, we would also likely see an extremely low R.O.B.O. (Retail-Only, Buy to Open) put/call ratio. Recall that the ROBO put/call ratio is constructed using buy-to-open transactions only for trades under 10 contracts. This is as pure a contrary indicator as you?re going to get. This did indeed prove to be the case, as the ROBO p/c ratio came in at 0.47, meaning these smallest of options traders bought more than twice as many calls as puts. Perhaps most telling, however, is the fact that these traders paid an average of only $161 per contract for their puts, but they paid an average of $213 for their calls. This is a 32% ?demand premium? for calls over puts, and is the most egregious spread since the height of the bubble in August/September 2000.