Some thoughts on why the rating agencies were down yesterday while the market soared.

The company traded over 8,400 options in the first hour on total daily average option volume of just 1,241. All but 168 contracts have been calls.

VIX is 26.18 up another 5.1% with the S&P 500 at 1,154.98 down another 1%.

On Monday, I noticed extreme upside skew in the front three months – and in particular in the front. That trend continues…

The company traded over 20,000 options in the first hour on total daily average option volume of just 5,042.

The company traded over 4,800 options in the first hour on total daily average option volume of just 595. All but 287 contracts have been puts for a 16:1 put:call ratio.

The company has traded nearly 14,500 options in the first two hours on total daily average option volume of just 1,228. All but 230 contracts have been calls.

The company has traded over 43,000 options in the first hour on total daily average option volume of just 9,476. All but 330 contracts have been puts.

The company has traded over 36,800 options so far today on total daily average option volume of just 1,988. Calls alone have traded more 15x average total volume on a 5:1 ratio with puts.

After reporting earnings yesterday (4-22-2010, before market open) the stock finished down ~$1 and volatility came down 7 points or 18%.

The company has traded over 10,000 options in the first two hours on total daily average option volume of just 381.

The company has traded over 18,000 options in the first hour on total daily average option volume of just 2,294. Calls are trading on a 10:1 ratio relative to puts.