Fear is back. 887,000 puts traded on the SPDR Trust (SPY), or almost double the expected for this time of day. March puts are very actively traded and include 54K March 50s. With 96 percent trading ask-side and existing open interest of 13,339, looks like buyers of “disaster insurance”. For it would take a 28.2 percent move lower over the next 18 days for those deep OTM puts to yield a profit. Meanwhile, one bearish strategist recently bought the Mar 55/60/65 put butterfly spread 5000X, for 44 cents.