'The Big Short' Investor Michael Burry Took A Massive Bet Against The Market With 40,000 Puts On The SPY, QQQ
- 9 months ago
Burry’s Scion Capital hedge fund took a bearish stance on both the broader market and the tech sector in the second quarter, with sizable puts on S&P 500 and the QQQ. His move reflected an inclination that perhaps the markets are topping out, and could face a downturn.
Burry opened 20,000 put options on the SPY at roughly $2.25 per contract, and 20,000 put options on the QQQ at roughly $2.70 per contract.
For the uninitiated, the bearish QQQ trade means Burry is expecting the AI fervor of this year to run out of steam, which would deflate some of the gains we've seen the SPY post during the same time frame.
Burry opened 20,000 put options on the SPY at roughly $2.25 per contract, and 20,000 put options on the QQQ at roughly $2.70 per contract.
For the uninitiated, the bearish QQQ trade means Burry is expecting the AI fervor of this year to run out of steam, which would deflate some of the gains we've seen the SPY post during the same time frame.