With near the money options, puts usually have a higher extrinsic value than calls - greater risk of a sudden drop, upcoming dividend, etc. But I'm seeing the opposite on SPY and QQQQ right now. For instance, with SPY at 120.95, the Oct 119 C is $3.20x$3.30 and the Oct 124 P is $3.20x$3.40, about the same price. The Oct 125 P, which I traded today, had a bid that was just a couple pennies above intrinsic value. There's a rich premium (sic - I mean in the "paying more than its value" sense) for the call and practically no premium for the put. If you look at options a couple points deeper, the extrinsic value of calls seems to be $.50 to $.70 more than that of the equidistant put. Why is this?