Put Buying Surges As Nobody Believes Stock Ramp Anymore, October 108 Puts Most Popular SPY Option Class Today

After 831.8K SPY puts were traded yesterday (vs 521K calls), today the trend of aggressive protection buying continues, as almost twice as many puts as calls has traded so far: 496K vs 272K. As the chart below shows, the top five SPY option classes traded today are all Puts, all of which have an October maturity, and strikes of 108, 114, 115, 116, and 112 in terms of popularity. With today's outright criminal market intervention, the surge in popularity of hedging the Fed's market making does not surprise us.