SPY May Put Pessimists Squeezed, Contracts Ripped Up

These charts are interesting from schaeffersresearch.com. Look how the SPY (S&P 500 ETF) put/call open interest ratio declined 24% after the May expiration (1.87-1.42). The market rally and declining volatility squeezed the May pessimists and expired insurance worthless. The SPY put/call ratio is still relatively elevated at 1.59 on June 1 and the put/call volume ratio is still holding it's own.

SPY Put/Call Open Interest Ratio (Schaeffersresearch)

SPY Put/Call Volume Ratio (Schaeffersresearch.com)

SPY Volatility vs. Price (Schaeffersresearch)