Someone bought 85,000 SPX 90:1 payout “digi” calls on Friday

Despite the chase higher...

Buying has been relentless in recent weeks, with upside aggressively chased across the board. The example referenced in the title comes from the GS options desk, an extreme binary "if something big happens, this pays massively" bet that smells more like panic than anything else.

And yet, stepping back, positioning still looks far from stretched. Many indicators of positioning that we track say that we are not done to the upside. Here are the latest updates out over the weekend.