Korea's stock market just had one of its worst two days in years. The KOSPI fell almost 11 percent and hit a circuit breaker, and it is falling again this morning. Yet one sea away, India is set to open higher. That gap, between a chip market in crisis and an index that shrugged, is the whole story on episode 91.

Start with the close that lied. Nifty finished the monthly expiry at 23985, four points under 24000, in a range of about 4 points all day. Nothing on the screen. But the real story was the roll into the new August series. Foreign funds covered part of their futures short as they rolled, about 61,000 contracts lighter, and the pro desks took their futures flat. Basis stayed positive and rising. Nobody carried a big directional bet in futures. The bet went into options.

And the options book is the tell. The pro desks bought cal ...