SOXS, a 3x leveraged bearish semiconductor ETF, has done just under 100k contracts in volume already today (much of it at the lows near 54.50.
The daily average is 130k contracts a day. We are on pace to go way above that.
Is this the smart money making a bet that equities are poised to finally hold here and start to make a leg lower?
(UPDATE: 930AM CST - SNP500 is 50% from it's highs at 1337 and SOXS has now done 112k contracts 1 hour into the trading session we are 18k from daily volume avg.)