Isnt_It_Just_Money

Is the Long Bond Cracking?

Implied volatility of the Feb ‘09 $120 put on TLT is 36% while that of the call is 33% so it is correct that the market is biased to the down side on TLT. This is the proper way to decide market bias based on option prices not "because the price of Puts is higher than the price of Calls".