Once again it could be a highly profitable period for full-time day traders but calamitous for the rest. Time is certainly the enemy these days. The wildcard to a washout event is fading belief that the Fed could cut .25-basis early this week, see how the market reacts and then cut another .25 or at most .50 basis again on the 20th. This seems to be what the Fed-Fund futures are hinting at as well. It would be quite like Greenspan to scale into two small cuts instead of one big one with mistaken hope that the first .25 would suffice.
Public sentiment is their primary concern and stock markets are the economy.
Traders must take great care in playing the markets going forward from here. The same measures of extreme indecision were rampant then and now. We went from bullish to bearish within days and often within one session. They may be fleeting indeed to either direction at any point in time. Ratio listed is percentage of calls to puts or puts to calls respectively.