Oddly enough today's strong advance was accompanied by what appeared an elevated measure of long equity position hedging via put options...
Or was elevated put option volume reflecting a bias intending to establish short equity positions over the upcoming period, much like occurred late-April?
Lower OEX highs over the past two weeks are coinciding with higher relative strength peaks. So, price weakness persisting despite increasingly stronger lifts off a momentary bottom reasonably is seen typical behavior of a corrective wave forming in the midst of a larger decline whose gravity Mr. Market is increasingly challenged to defy — a decline developing since earlier this month, and nearing a point where its continuation lower can no longer be delayed.
Thus, today's unusual pickup in put option interest.
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