Options order flow, particular large or unusual block trades, can potentially help traders predict where a big market move may occur.  Large traders will often use options on ETFs in order to take a directional position on a major asset class or industry.  For example, using the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), we can see a large put spread was purchased with a March expiration.  This could be a speculative bet or hedge related to rising interest rates. Higher rates could cause corporate bond prices (and LQD) to fall.