Softbank: Options - I like to understand as a beginner

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Boockvar said the question now is whether SoftBank unloaded its positions. “We’ll see if they’re reversing it. A lot of the call buying was an upward lift to the market. The sellers of those calls, then had to buy stocks and hedge and it becomes a self-fulfilling prophecy on the upside,” he said.

The Financial Times said the trading volumes in single stocks had surged beyond the average daily volumes of calls on the broader stock market indices. 

Traders had been monitoring the unusual activity, which may help explain why the stock market had been climbing at the same time the VIX was rising. The VIX is the CBOE’s Volatility Index, which is calculated based on trading in puts and calls on the S&P 500. The VIX serves as the market’s so-called fear gauge and typically moves higher when stocks are falling, not rising.