So the big tech companies have historic levels of deep in the money puts. They are being "arbitraged" he says. I am not sure I quite understand what he means exactly. I think of arbitraging as profiting on spreads. He says there are equal numbers of buyers and sellers and thus this is not a big deal (if I understand correctly).  In plain english, what is he saying exactly? That there are simply lots of puts being sold but there are tons of buyers so all is well?  Doesn't the put to call ratio still indicate extreme fear? And cold be considered a contrarian long signal?