The Nasdaq-100 has risen 15% since its July low and is now 2% above its previous record from June. The S&P 500, after a two-month battle with surging interest rates, is back at an all-time high. However, two major options trades revealed deep skepticism. On the SPY ETF, a 100,000-lot put spread cost a net $44 million, including the purchase of $61 million in 655-strike puts expiring in March and the sale of $17 million in 500-strike puts. This bearish position is profitable if SPY falls to $500, a 35% decline from current levels. Simultaneously, on Meta options with January 2029 expiry, someone repurchased $89 million in 560-strike calls while selling $69 million in 700-strike calls.
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