OEX traders have a tendency to call tops with accuracy when they are pouring about twice as much money into calls as puts, which is the case right now:

OEX $-weighted put/call @ Fri Aug 7 16:30:00 2009: 0.49 (calls: $15,450,700; puts: $7,602,179).

QQQ $-weighted put/call @ Fri Aug 7 16:20:00 2009: 1.31 (calls: $5,731,420; puts: $7,532,570).
Dollar volume in QQQ call options is 37% of OEX calls.
Dollar volume in QQQ put options is 99% of OEX puts.

“bobcarver″

(T&C Forums – Knowledge Contributor)