Behind the massive trade that spooked the marketHowever, since...

Behind the massive trade that spooked the market

However, since this trade was deeply "in the money," the trader does not appear to be making a speculative options bet, but rather to be expressing a significant bearish view on the market as a whole. Indeed, this trade is effectively a $2.8 billion short bet on the S&P.

When a firm effectively shorts $2.8 billion worth of the S&P 500, people take notice and rush out of the way—no matter why that firm is actually doing it.

http://www.cnbc.com/id/101528314

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