Tech is under pressure, and one options trader is betting $2 million that the pain is just beginning
– names among the most vulnerable amid heightened trade tensions and growing recession fears.
"This morning, when the ETF was trading at about $185, there was a buyer of 7,000 of the November 176/157 put spreads, paying about $3.11 for that," Nathan said. "The trader can make about $15.89 [per contract] all the way down to $157. That would be down 15% from the trading level here." If it is a hedge, Nathan thinks there are plenty of reasons this could turn out to be a prescient insurance buy.
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