Our $26.66 MILLION $SPY whale is STILL sitting there… and after everything this position has been through, this is getting VERY interesting. 🐳 There are now only 58 days until expiration on the November 20th $750 puts. This whale entered with SPY around 763 and has since watched price run to 775, fall back to 760, rally to 774, dump all the way to 750, and then rally all the way back toward 775 again. They were sitting on a substantial profit when SPY traded down to 750. They didn't appear to take it. Now, based on the original entry around $15.71 and the current mark around $15.06, the position is roughly $1.1 MILLION underwater again. And yet, after all of those swings, we still haven't seen evidence of this massive position being closed. I've been tracking this whale every single day since the original print hit the tape. Whenever we've seen a meaningful volume spike, I've checked the OI afterward. Instead of collapsing, open interest has continued to increase and is now sitting around 36,298 contracts. That's what continues to get my attention. Remember, we aren't talking about "$40 million in bearish flow" created by adding together 1,000 different trades from 1,000 different people. I don't care about that. I'm specifically tracking large, confirmed singular buyers where one person comes in and puts serious money behind a trade. And over the last several weeks, we simply haven't seen many of them. Most of the singular confirmed flow I've been watching has remained under roughly $2-3 million. That's why these two #SPY whales continue to stand out. $26.66 MILLION — 11/20/26 $750 puts $24.24 MILLION — 1/21/28 $700 puts Both are massive positions but the November whale carries significantly more weight for me because the clock is ticking. The 2028 whale has well over a year. The November whale has 58 days. And that November buyer has already watched SPY trade directly down to their $750 strike, watched the position move nicely into profit, apparently held through it and has now watched SPY rally roughly 20+ points back up while the position moves underwater again. Could it be a hedge? Absolutely. Could it be one leg of a much larger position we can't see? Absolutely. Options flow cannot tell us what else this buyer owns. But the footprint is still there. $26.66 million. $750 puts. 58 days remaining. Roughly $1.1 million underwater again after having the profitable move at 750. Whatever this position ultimately turns out to be, I'm going to continue doing exactly what I've done since August. Track the volume. Track the OI. Track the position. Because until that footprint materially changes, this whale remains one of the most interesting trades on my board. And they still haven't blinked. 🐳 — TJ $SPX $SPY #SP500 $ES_F $QQQ $NDX $CL_F #US10Y $TLT