Sign of economic times or big Fake out?

[Happyville]

What Happened to Hunt and Davis? - They would have been be able to make more sense of this... Sounds to me like "rouge waves" are starting to head towards the economy just in time for Thanksgiving.

Massive bearish bet in SPY puts (ZH’s analysis here): Someone is betting big against the market with an over $1B notional exposure. No word on how it’s financed and what the net capital risked is of course, but a volume spike in December SPY puts like this is very sketchy

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http://shadowcapitalism.com/2009/07/23/some-sketchy-news-today/

CHICAGO, July 23 (Reuters) - As U.S. stocks enjoy a big summertime rally, one option investor went on the defensive on fears the Standard & Poor's 500 .SPX benchmark could suffer significant losses between now and December.

Put option volume swelled to about 1.53 million contracts in the SPDR S&P 500 (SPY.P) on Thursday after an institutional player extended a large bearish position in the exchange-traded fund that tracks the performance of the S&P 500 index.

The massive trades involved 720,000 put option contracts, granting investors the right to sell the underlying shares of the ETF at a fixed price within a specified time period.

"This trade is bearish and has a large area under which it would remain profitable to the downside," said Joe Kinahan, chief derivatives strategist at online brokerage thinkorswim Group. "This institutional investor is definitely looking for a pullback in the S&P 500 between now and December expiration."

http://www.reuters.com/article/marketsNews/idINN2339093420090723?rpc=44