Friday and Monday saw increased overall put activity despite the market mostly treading water. So it is not a huge surprise to see the market gapping up today after 5 straight gap downs.
Lately, options activity has not been a good contrarian indicator, as equity options buyers seem to have smartened up, as they were heavy call buyers in early July. But it is still better for the bulls to see lots of put activity than call activity when the market is flat. With this being options expiration, the bulls should mount at least one rally.
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