Hello, I noticed something interesting: it costs way more to insure the s&p 500 in June compared to Microsoft or the QQQ tech etf. I looked at the +/- 10% collars for June: IVV (S&P 500): sell 310 June call at .30, .50 bid/ask currently trading at 282 buy 250 June call at 1.75, 2.35 bid/ask MSFT (Microsoft): sell 100 June call at 1.37, 1.41 bid/ask currently trading at 90 buy 80 June put at 1.35, 1.42 bid/ask QQQ (Powershares Nasdaq tech etf): sell 180 June call at 1.45, 1.59 bid/ask currently trading at 166 buy 150 put at 2.21, 2.22 bid/ask The S&P 500 had, by far, the worst collar price (and larger bid/ask spreads). The collar pricing is very pessimistic, meaning it costs you way more to buy 10% downside protection rather than sell 10% upside gain. Microsoft was very price neutral. QQQ was pessimistic, but not as extremely pessimistic as the S&P 500. Intel (INTC) has an optimistic June collar pricing, even though it has bad publicity with its security vulnerabilities in its chips: 48 June call: 1.35/1.42 bid/ask 45 current price 40 June put: 1.02/1.07 bid/ask For a +/- 5% in June, the S&P 500 is more neutral: 290 call: 4.00, 4.50 bid/ask 282 current selling price 270 put: 4.00, 4.60 bid/ask So it seems like the market is saying "the chances of the S&P being +/- 5% in June are about the same. But the chances of the S&P being 10% down vs. 10% up are way higher." One could say this is due to the recent 5% run-up in the S&P. But Microsoft has run up recently as well, yet its collar into June maintains price neutrality. I thought if you bought offsetting collars, they would essentially offset in price. Meaning, if you sell a +10% call and buy a -10% put on the same equity, your net bid/ask should be minimal, and your purchase cost should little more than the transaction costs (yay!). But the S&P is not even close to being price neutral. Does this signal a summer downturn for the S&P or the overall market? The prices for insuring the S&P with a neutral collar get worse as you go along into the calendar year: February IVV (S&P 500): sell 310 call at .0, .20 bid/ask currently trading at 282 buy 250 call at .10, .25 bid/ask March IVV (S&P 500): sell 310 call at .0, .20 bid/ask currently trading at 282 buy 250 call at .40, .60 bid/ask So you can see how it is getting progressively more expensive buy the downside (compared to the equivalent upside) as you go further into the year for the S&P. Yet Microsoft maintains neutrality: the price of a +10% call is the same as a -10% put. And Intel is actually price-optimistic.