Equity Options Action: some liquidation of bearish put positioning
Equity Options Action: some liquidation of bearish put positioning on S&P futures was noted as part of the earlier rebound from the risk-off nadir, and likely contributed to the snap-back, according to sources. Though there was some early 2-way activity, selling was reported on September 2,400 puts, compared to the 2,445 area currently. Note, the S&P has shown a repeated propensity to bounce following dips through its 50-day m.a. the past several months, marked presently by 2,448, as mentioned yesterday, while the Trump rally is intact. Though warmongering has severely tested the bulls, note that contrary indicator Dennis Gartman proclaimed earlier that "the bull market has come to an end," which may give them hope.