Options market activity on April 15 and 16 showed notable unusual trading patterns, particularly in put options for the VanEck Semiconductor ETF (SMH). On April 14 and 15, nearly 150,000 SMH April 25 $175 put contracts were purchased, with prices ranging from $1.28 to $1.45, indicating heavy bearish positioning ahead of the ETF's earnings season. This surge in put buying has drawn attention as a potential front-running of upcoming market news related to the Partnership for Trans-Pacific Partnership (PTPP). Other notable unusual options activity included calls for companies such as Google (GOOGL), Starbucks (SBUX), Uber (UBER), and Micron Technology (MU), and puts for firms like Walmart (WMT), Microsoft (MSTR), Taiwan Semiconductor Manufacturing Company (TSM), and Wells Fargo (WFC). Additionally, a large put spread was bought for SMH May 30 $175/$140 contracts, interpreted as a hedge for the semiconductor sector's earnings period. This pattern of options trading suggests market participants are positioning for volatility and potential downside risk in key technology and retail stocks in the near term.