Will US Stocks Continue To Slide On Fed Rate Hike?

On CNBC's "Options Action," Scott Nations of Nations Indexes said that the SPDR S&P 500 ETF Trust SPY calls were more expensive than puts when the market opened on Wednesday. As the trading session progressed, the put volumes rose sharply, he added.

Check out stocks making moves in the premarket.

There were buyers of 125,000 of the November 4, weekly 380 puts at an average price of $3.45 per contract, Nations mentioned. Traders expect the SPDR S&P 500 ETF Trust to decline further by Friday expiration, he added.

SPY Price Action: The SPDR S&P 500 ETF Trust lost 2.51% to close at $374.87 on Wednesday.

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