Options explosion

That put/call ratio on equities that printed yesterday is a little bit insane. Almost 3x calls traded for every put. The equity-only ratio has been below 0.35 only 3 times over the past 20 years.

It's worth emphasizing that "past 20 years" part, though, because the ratio was consistently lower than it is now prior to 2000, which did not consistently lead to weakness.

