rmorse
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Quote from TskTsk:
Fear trumps greed, so a down market tends to be more volatile than an up market.
I agree. But in different asset classes, the fear is in different places. In stocks, it's clearly downside. Most positions are long. In some commodities, the fear is rising prices. People have to eat and corporations need supplies to meet demand. So in commodities like Sugar, the OTM calls are higher than the OTM puts. The fear stems from shortages.