Options activity is exploding on the trade war: The S&P 500 ETF's, SPY, put options volume spiked to 7.94 million contracts on Tuesday, the third-highest on record. Volume has doubled since the trade war commenced. At the same time, Nasdaq 100, QQQ, put options volume hit the highest level in history, according to Goldman Sachs. Interestingly, the previous 2 volume highs in 2022 and early 2023 were posted near short-term bottoms. We are seeing historic levels of volatility and volume.