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Here is a somewhat telling shot of the extreme speculation ahead of the
conclusion of the FOMC meeting on Tuesday. The bets on $Calls/$Puts were
running $8 to $1 on the PSE high tech stocks, and 1.8 on the PHLX and AMEX,
CBOE was a bit more subdued but still way above its normal levels below 1.0.
The combined total(red line) hit a 2.52 peak at 11:12 ET. (chart is in PT).
Then way in advance of the official interest rate reduction the ratios went
into their slide as the equity indexes flat topped right up to the
announcement. Then there is that very very prescient cliff type drop in the
Amex(blue line) at 1PM ET followed by the spike down in the PSE at 1:48ET
and finally the equity indexes started the dive after 2PM ET as we all know.
Now, it sure looks to me like some bodies had it pegged right at the Amex
and minutes later at the PSE.
bobr
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