Recent trading activity around the Russell 2000 ETF ($IWM) indicates a potential bullish sentiment among investors. On February 10, a trader noted the ETF was holding positions and had locked in profits after hitting a top intraday price. Additionally, significant options activity has been observed, with over 125,000 open interest in March $235 calls, suggesting expectations for a move in small-cap stocks if the Consumer Price Index (CPI) report is favorable. On February 11, further trading revealed a retest of the $225 key support level and a large purchase of 3,000 April $232 calls at $4.82. This was accompanied by a notable sell to open 5,000 March 2026 $200 puts at $7.85, generating nearly $4 million in premium. The market sentiment appears to be influenced by expectations surrounding Federal Reserve Chair Jerome Powell's upcoming remarks and the CPI data release.