Small Caps, Big-Tech Puke At US Cash Open, Index Put-Buying Soars

After a relatively calm overnight session, all hell broke loose at the US cash open with The Dow (new record high) bid while Big-Tech and Small Caps puked hard…

SpotGamma shares some insights from their most recent OCC analysis.

This chart reflects the activity (buy/sell to open vs buy/sell to close) in Index options.

Last week Index traders seemed to shift to net sellers of calls, and net buyers of puts.

Unfortunately we are not given any insights into the specific products (ie SPX, NDX, VIX), but what stands out is this appears to be the highest level of net index put buying since our data started in late 2018.

Is something changing?