Short March 18, 2022 puts propelled the markets up last week, with market makers buying back stock to hedge short puts, explains Laurent Laskowski, Director of Derivatives Strategies, Mizuho Americas. He likes that the volatility index (VIX) futures dropped below the 30 level, to 24 to 25. He says we should not read too much into the magnitude of the rally we had last week, saying it might have been influenced by options hedging and options expiring. He discusses the large call volumes in specific Chinese stocks and ETFs.