Stocks made a record high. Two big bearish trades point to skepticism

The Nasdaq-100 is up 15% since its July low and is now 2% above its previous record from June. The S&P 500 , after a two-month-long battle with surging interest rates, is back trading at an all-time high. You'd think that resilience would be met with some fanfare. Instead, the two biggest options trades on the tape Tuesday reeked of skepticism. In the State Street SPDR S&P 500 ETF Trust (SPY) , about an hour after the opening bell on Tuesday, someone traded a 100,000-lot put spread that cost a net $44 million and likely included buying $61 million of 655-strike puts expiring in March and selling $17 million of 500-strike puts in the same expiry.