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Nasdaq 100 futures down 1%, with Softbank’s options positions on traders’ minds (NASDAQ:QQQ)

It was a busy overnight session, with Nasdaq 100 (NASDAQ:QQQ) futures diving by more than 2% at their worst levels. Strong European markets on Monday (Stoxx 600 +1.5%) appear to have helped things a bit, and Nasdaq futures have rebounded to just a 1% decline at 9:20 AM ET.

Down 1.5% at their worst levels last night, S&P 500 (NYSEARCA:SPY) futures have bounced to about flat at current pixel time.

The Softbank story continues to make waves. The supposed telecom provider and investor, but apparently just another hedge fund, was outed last week (supposedly by Goldman) as having made huge bullish derivative bets on popular tech names.

The FT over the weekend reported Softbank (OTCPK:SFTBF, OTCPK:SFTBY) as sitting on $4B in gains on the bets, but with the positions now known, that could evaporate rather quickly. Softbank shares fell 7% in Tokyo overnight, shedding about $9B in market cap.

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