Does Option Prices tell current market bias?

[sle]

But then you get a bunch of answers that take it to the next level and assume it is a real question, which takes more effort.

In this particular case (option prices and market bias) there is evidence that the slope of the skew in SNO has some value in predicting the underlying stock returns. There are a few common sense explanations to that.

PS. I dont't think the skew has any real predictive value in the index space