Ah Ha! I get it, tis the old there is no such thing as Al Qaeda, or something.
Anyway, my Hufschmid fan, I see your confusion. You ignored the Commission report stating that 95% of put option trading was attributable to an institutional investor executing an option hedge. It "purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115, 000 shares of American on September 10."
Let us simply say that the increase in the value of the puts was offset by the loss on the long position in AA. I don't expect you to understand this Last Child.
Tell you what, go to any bar around the CBOE in Chicago, and explain your theory. Go ahead. Any first week clerk from the Board drinking $2 PBR's will be able to explain why you have no idea what you are talking about.