The stock market is on a tear in 2023, led mostly by the technology sector. But we've just entered the weakest seasonal period of the year for stocks; August and September are the two worst months for the benchmark S 500 index, based on data going back more than three decades. 

We're only a couple of weeks into August, and the SPDR S 500 ETF (NYSEMKT: SPY) is already down more than 2% this month, and the technology-focused Invesco QQQ ETF (NASDAQ: QQQ) has declined by over 3%. But based on the positioning of Scion Asset Management, which is run by famous investor Michael Burry of The Big Short, the market might be set for an even steeper decline. 

The firm just filed its 13F, which details its holdings as of the end of the second quarter (ended June 30). It revealed big bets against the SPY and QQQ ETFs using put options worth a notional $1.6 billion. Here's what it could mean. 

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Source Fool.com