I'm new to options and trying to find my way around. At this point, I've read a lot of material, but can't really make heads of tails of it all. Think of each book/article as a piece to a puzzle. I have 100 pieces to a puzzle spread out on the table, but I can't see the big picture. Can someone explain to me why I don't see a front month volatility smile on the indices? Once I get this answered, I can move on to understanding the significance of skew/smile and how it applies to trading. Thanks.