Few puts and fewer calls

Bloomberg notes that put open interest on the S&P 500 is very low. Very true. But call open interest is low, too.

The ratio is such that put open interest is more than twice call open interest. As we've shown many times before, though, this is not a good thing. In SPX options, it's more of a smart money play, and high levels of put open interest relative to call open interest have consistently led to lower prices for the index itself, and vice-versa.