Hedging costs for tech stocks are surging: The cost of hedging against a decline in the Nasdaq 100, $QQQ, versus the S&P 500, $SPY, reached ~6 points, the highest since September 2024. The relative cost of hedging has almost doubled since July. Protection costs for technology stocks are now close to the levels seen during the July 2024 market pullback. This comes after the Nasdaq 100 has declined -4% over the last 2 weeks. Meanwhile, the put-to-call ratio jumped to 1.04, the 2nd-highest reading since April. Fearful sentiment is opportunity for traders.