You're not supposed to tell them that!
For these reasons, QQQ options should be removed from the traditional put/call ratios to give us a better (but still not perfect) read on option trader sentiment. Doing so for yesterday's data gives us an equity put/call ratio of 0.54, which is on the lower side of its range. A 10-day average of this data gave a "buy" signal around March 22nd, but is now back to neutral. There are reasons to be bullish here, for sure, but please be careful about relying on the headline put/call ratio as one of them.
On a side note, the put/call ratio on 30-year Treasury Bond futures has averaged 0.36 over the past two days (meaning there were 3 calls traded for every put). While volume was light on Tuesday, it was quite heavy yesterday. The volume could be speculation on a poorer-than-expected jobs report, or it could simply be hedging against existing short bond positions, but historically the put/call ratio on bonds has been a relatively effective contrary indicator if there is persistently lopsided volume over the period of a couple of weeks or so. A 21-day moving average of the ratio was very high during February and early March, but has come down significantly over the past couple of weeks. It is not yet what I would consider extremely low, but another day of heavy call activity could push it to an extreme (suggesting bonds would most likely exhibit weakness going forward).
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