Here is some major reasons to by PUTS on the SPY.Symbols are esignal format. SP500 ($SPX )cash and NASD Comp ($COMPQ) weekly charts just hitting 200 week MA DOW Jones resistance on horizontal trendlines from 07/20/2001, and downward trendlines from 2000 High at 11752 SPY PUT Options for March 2004 Premium is at $5.70 (at 01/11/04) I think most options traders are but puts here by the looks. So What you think....