Options Players Wonder Where This Tape Is Headed

Some

options pros were positive about the market's chances for ending in the green today, but beyond that, the picture is decidedly murky.

"I think we get a rally out of today," said one options trader, noting that the

Nasdaq 100

held the 2200 level "pretty well and I think that we'll close higher on the day."

Beyond today, however, options traders and analysts are decidely less unanimous on where the market is headed.

The biggest problem for the market right now? Too many bulls, said Jay Shartsis, options strategist at

R.F. Lafferty

in New York, echoing comments he has made about the market lately.

Last week's

Investors Intelligence

survey continued to show a huge amount of optimism, which from a

contrarian standpoint is pretty bearish. The percentage of bulls in last week's poll of financial advisers was 61.8%, while bears numbered only 30.4%. The new

Investors Intelligence

survey will be out later today.

"These sentiment figures are very worrisome," Shartsis said. "That needs to change."

Interestingly enough, Shartsis noted, the

Value Line Index

of 1,800 stocks is trading near its highs despite the collapse in tech stocks.

Meanwhile, another gauge of investor sentiment, the

Chicago Board Options Exchange

equity put/call ratio, was on the rise, which to some is more constructive for stocks. The rise in the equity put/call ratio indicates that investors aren't as comfortable as they have been in the recent past. The CBOE equity put/call ratio was at 0.73. That means for every 100

calls that traded, 73

puts traded.