About 15 million calls and 6 million puts traded so far, yielding an anemic total put-to-call ratio of only .40. While bullish sentiment is obvious following today’s rally, the P/C ratio is being distorted by a significant number of ex-dividend trades. 4.9 million options have traded in AT&T (T) and 2.3 million in Verizon (VZ). Both are going ex-dividend. PGN, AXP, JXP, GIS, ERF, MDT are also seeing ex-div-related activity.