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This is what I saw, and I wondered that there was heavy distribution of puts
and heavy accumulation of calls during the decline. The spread resembles the
price chart to a remarkable degree. But I missed the signal if this looks
bearish.
I did see the open at or near R2, and the subsequent decline to the pivot,
and the sharply dropping NYAD, what I missed was the correct story of the
interrelationship with the option data:
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