Options traders were not leaning too heavily one way or the other in late Wednesday morning trading -- mirroring the action in the overall market, which was mainly treading water. The put/call ratio was 0.61.

Tuesday, the put/call ratio was 0.54 in late morning trading, but the put buyers stepped up their buys during the afternoon, as the put/call ratio closed at 0.77. Keep an eye open to see if put buyers do the same thing on Wednesday afternoon, which would show that put buyers are still making bets on stocks falling further in the near future even with a Fed easing.

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