Quote from S2007S:
The investors who continue to buy puts, when they do get it right, they are going to make a ton of money.
As we head into another options expiration, we have seen a steady rise in put positions on the various broad-market exchange-traded funds. Since April 23, put open interest in the May and June series on the iShares Russell 2000 Index Fund (amex: IWM) has skyrocketed by more than 1 million contracts. During the same time frame, call open interest has increased by fewer than 370,000 contracts. As a result, the ETF's Schaeffer's put/call open interest ratio (SOIR) has risen to 2.21, its highest level since April option expiration.