2-to-1 bets against bonds
There were more than 500,000 puts traded on 10-year Treasury notes on the CME exchange on Tuesday. That's in the top 1.5% of all readings since 1999. Over the past 20 days, there has been an average of more than twice as many puts traded as calls on 10-year notes. This is only the 2nd time in 5 years that the 10-Year Treasury Put/Call Ratio has been above 2 (the other was December 2016). The Backtest Engine shows that when the ratio was this high, for this long of a stretch, then over the next 2 months, the TLT fund showed a positive return after 91 out of 100 days.