The small-cap index Russell 2000 ($IWM) has seen significant trading activity, particularly in put options. Notably, traders sold 2,500 May $220 puts at $11.73, generating nearly $3 million in premiums. Additionally, there were large opening sales of 4,000 February $220 puts for $9.17. The index has been showing bullish momentum, recently bouncing above 222.50, aided by a rebound in bond prices, with $TLT (iShares 20+ Year Treasury Bond ETF) increasing by 1% today. The dollar index ($DXY) rose by 0.4%, while Treasury rates continue to climb, with $TLT down 0.7%. Overall, there has been a trend of bullish put sales in $IWM, indicating a positive outlook for small caps as traders anticipate further gains into the year-end.