Volume Tells

The week leading up to last, we averaged 1.8M calls per day in SPY and 2M puts. Friday it hit 3M calls and 4.3M puts.

The put call ran from 1.10 to 1 the preceding week to 1.45:1 last Friday.

We need to see another surge in overall volume, coupled with spike in backwardation to say the bottom may be in. I think we see an overall selloff of 5 to 7%, so perhaps as much as a 2% drop from here to get that panic rolling.