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The S&P 500 is hitting all-time highs on a regular, almost serial basis these days. When the market lets the good times roll, they roll indeed.

It seems as though session after session is going swimmingly for equities.

But for all swimmers, it’s what lies beneath they should worry about…

In this case, it’s whales. Today saw a huge upside call spread on the VIX “fear index.” This spread maxes out if the VIX reaches 45 or higher.

In plain English, that means the VIX needs to attain its highest level since early 2023 if this trade has any hope of paying off by expiration.

This trade is more than likely a hedge, but its profound bearishness at a time when stocks are topping highs is compelling. It’s the timing of the trade that makes this very interesting.

Here’s what you need to know…

Video Length: 00:17:36

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