Brandon spotted an 85,000 contract bullish spread in GLD today targeting $425 by late January.
That trade hit the tape in two fills at the exact same time. 50,000 contracts in one print. 34,000 in another. Both bought at the ask, which signals urgency.
Gold has been quietly outperforming everything. Up 2.65% in the last week while the S&P sits flat. The metal is pushing back toward its October highs while technology drags the broader market lower.
But the bullish gold flow is only half the story.
On the other side of the ledger, Brandon flagged a 150,000 contract SPY put butterfly targeting $600 by January 23rd. Someone with serious capital expects the S&P to drift lower into the new year.
The block trade activity today tells a clear story:
- 85,000 GLD call spread contracts bought at the ask targeting $425
- 150,000 SPY put contracts in a butterfly structure targeting $600
- 130,000 EEM call contracts positioning for emerging market strength
- 10,000 Oracle puts adding to downside pressure in AI names
Oracle saw those 10,000 put contracts bought in a single trade today. The AI names are facing gamma pressure that could accelerate any downside move. Broadcom continues lower after earnings. The downside momentum in tech is building.
The Bank of Japan rate decision this week could tip all of these setups. A rate hike strengthens the yen, weakens the dollar, and sends gold and emerging markets higher. The opposite crushes those trades and validates the SPY puts.