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Is the S&P 500 in a Range Bounded Market?
Both calls and puts are being bought. And the reason I like to look at this is because when a bunch of people are buying puts, the seller of those puts are going to be the market makers. So if you buy a put, you are now short delta, and the market maker is now long delta. But then what happens is the dealers can lessen, lighten up on their shorts and actually go long. It's important to me to kind of watch this for the stocks because of the stocks are what make up the S&P 500. If people are lightening up on the put options, that means the market makers can lighten upon their downside hedges which in turn